Business News of 2013-12-13

GHIB signs US$30m loan deal with KCB Group

Ghana International Bank Plc. (GHIB) has signed a US$30million facility with KCB Group, also known as Kenya Commercial Bank Group, the largest financial services provider in the East African Region.

Whilst facilitating international trade, the loan made by GHIB also provides a foreign currency base and complements KCB Group’s capacity to support Small and Medium Scale Enterprises (SMEs), mortgage companies and micro enterprises.

This move is a strong endorsement of GHIB’s strategy of expanding its footprints on the African continent.

GHIB is a wholly owned Ghanaian Bank registered in the United Kingdom. The bank prides itself on its ability to tailor financing solutions for Corporates in Ghana and beyond. With a capitalisation in excess of GB£110 million, the bank has over the years maintained strong relationships and supported a wide range of industries which include banks, quasi- government institutions and private companies.

Addressing participants at the signing ceremony, Mr. Joe Mensah, the CEO of GHIB, expressed delight that in the Jubilee year of Kenya’s independence, two indigenous African organisations should come together to collaborate in the development of Kenya and its regional affiliates. He mentioned that GHIB will partner KCB subsidiaries in Tanzania, Uganda, Burundi, Rwanda and South Sudan. He is excited at the Intra-African cooperation and indicated that this is the beginning of joint financing deals between the two banks.

He also added that GHIB will be opening a Representative Office in Nairobi in the New Year to further deepen its involvement in the region.

Mr. Joshua Oigara, the KCB Group CEO, remarked that the loan represents an important milestone and will boost the bank’s effort to fully support the SME and micro enterprise segment of the market with a resultant potential for growth, development and job-creation for regional economies.

GHIB remains committed to the provision of capital and other financial services to organisations both private public with a broader objective of assisting African economies achieve sustainable growth.