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Regulator scuttles FEP’s bid to acquire Nyachae family bank

Customers at a Credit Bank branch in Nairobi. PHOTO | FILE

The Central Bank of Kenya (CBK) has halted plans by investment group Fountain Enterprises Programme to acquire a 25 per cent stake in Credit Bank.

The regulator, who recently denied Fountain Enterprises Programme (FEP) a licence to operate a microfinance-bank, cited reservations about the group’s financial capability to adequately capitalise the bank, and also its share register, in scuttling the transaction.

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