Small banks face hurdles in raising Sh1 billion capital Andrew Omwoma
Publication details: Nairobi Nation Media Group Tuesday, April 14 2009Description: p.8[Smart Company], Daily Nation, April 14 2009Subject(s): Summary: The Finance Act 2008 requires commercial banks to increase their core capital from the current 350 million to Sh1 billion by end of 2012. Small banks however will face difficulty in this since their shareholders are unlikely to pump in more money. Yet, the reason why they cannot declare any dividends is because they are ploughing back revenues to raise their capital base. Hence aithorities concerned should consider the situations of these banks and reconsider the deadline.
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The Finance Act 2008 requires commercial banks to increase their core capital from the current 350 million to Sh1 billion by end of 2012. Small banks however will face difficulty in this since their shareholders are unlikely to pump in more money. Yet, the reason why they cannot declare any dividends is because they are ploughing back revenues to raise their capital base. Hence aithorities concerned should consider the situations of these banks and reconsider the deadline.
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