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CIC goes for Sh4.5bn Co-op loan to pay corporate bond

Co-operative Bank branch on Kenyatta Avenue, Nairobi. FILE PHOTO | NMG

By  Victor Juma

Business Editor

Nation Media Group

CIC Insurance Group #ticker:CIC took a last-minute Sh4.5 billion loan from its significant shareholder Co-op Bank #ticker:COOP to help repay its Sh5 billion corporate bond on October 2, 2019.

The insurer has disclosed details of how it financed the debt settlement in its latest annual report.

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