Uhuru Kenyatta’s Family To Buy Stake In Distressed Bank In DR Congo

The Commercial Bank of Africa (CBA), a leading Kenyan commercial bank majority-owned by the Uhuru Kenyatta family,^[9] is looking to acquire a stake in a distressed lender in the Democratic Republic of Congo.^[3]

Check also: Uhuru Kenyatta Organised A Rally To Celebrate Withdraw Of ICC charges

According to a report by Kenya’s Business Daily newspaper,^[2] CBA has written to the Central Bank of the Democratic Republic of Congo (DRC) asking to participate in the re-capitalization of Banque Internationale Pour l’Afrique au Congo (BIAC), ^[12]after the lender was placed under statutory management in May after it failed to access new credit lines from the regulator.^[2]

The Kenyatta family whose most recognizable member is Uhuru Kenyatta.

He’s the current President of Kenya, has been expanding its empire outside the country.^[5] CBA already has subsidiaries in Tanzania and Uganda. ^[8]Last year Brookside, the dairy company the family controls, acquired Ugandan milk processor Sameer Agriculture and Livestock Limited; the company is also looking to establish a milk processing plant in Nigeria.

Apart from its banking and dairy assets, the Kenyatta family own Heritage Hotels – a collection of luxury beach hotels,^[9] golf resorts and safari camps.^[4] The family is also Kenya’s largest landowner, owning more than 500,000 acres of prime land across the country. They are currently developing a new city on an 11,576 acre-parcel of land they own in Ruiru Municipality, Kiambu County, just outside Nairobi.^[1]

Source: Forbes

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