Business News of 2013-12-14

Ghana Int. Bank, KCB sign US$30m loan deal

Ghana International Bank Plc (GHIB) has signed a US$30 million loan facility with the Kenya Commercial Bank (KCB) Group, the largest financial service provider in the East African region.

Whilst facilitating international trade, the loan 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 in the African continent.

GHIB is a wholly-owned Ghanaian bank registered in the United Kingdom. The bank prides itself on its ability to tailor financial solutions for corporates in Ghana and beyond.

Addressing participants in the signing ceremony, the CEO of GHIB, Mr Joe Mensah, expressed delight that in the jubilee year of Kenya’s independence, two indigenous African organisations would come together to collaborate in the development of Kenya and its regional affiliates.

He mentioned that GHIB would partner KCB subsidiaries in Tanzania, Uganda, Burundi, Rwanda and South Sudan.

He was excited at the intra-African co-operation, and indicated that that was the beginning of joint financial deals between the two banks.

He also added that GHIB would be opening a representative office in Nairobi in the new year to further deepen its involvement in the region.

The KCB Group CEO, Mr Joshua Oigara, remarked that the loan represented an important milestone, and would boost the bank’s effort to fully support SMEs and micro-enterprise segments 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 and public, with a broader objective of assisting African economies achieve sustainable growth.