The move comes as the bank is working on a merger with Commercial Bank Of Africa (CBA).
Minutes of a KAA board meeting suggested that the instructions to execute the takeover were from “a high office.” The minutes also showed that Commercial Bank Of Africa (CBA) CEO Isaac Awuondo, who is also the chairman of KAA, declared his interest by announcing that the bank has shares in Kenya Airways.
Send 'NEWS' to 40227 to receive all the important breaking news as it happens TUKO.co.ke on Wednesday, February 20, learnt Andersen and the KAA board members were summoned after it emerged KAA's board chairman, Isaac Awuondo, is also the CEO of Commercial Bank Of Africa (CBA) owned by the Kenyatta family.
KAA board chairman Isaac Awuondo is also the Group Chief Executive officer of the Kenyatta-owned Commercial Bank Of Africa.
CONFLICT The committee chaired by Mvita MP Abdulswamad Nassir heard that that Mr Isaac Awuondo is the chief executive of the Commercial Bank Of Africa (CBA), which is seeking to merge with NIC bank.
Analysts at Commercial Bank Of Africa (CBA) say in its monthly economic report for February that the prevailing low growth in private sector credit, partly attributed to the rate cap on loans, will moderate any urge by the regulator to cut the benchmark rate.
NIC bank is in talks to merge with Commercial Bank Of Africa to create one of the largest financial services groups in the region.
The appropriate policy mix for 2019 and beyond drew interesting questions when I addressed high-level participants at recent forums hosted by the Commercial Bank Of Africa, in Nairobi and Mombasa.
Mr Varsani said Edifice raised equity as well as sourced property financing from Commercial Bank Of Africa in a deal to facilitate mortgage purchases.
While international banks active in Kenya are members, only two Nairobi-headquartered banks are part of this initiative; the KCB Group and Commercial Bank Of Africa.