The block of western Kenya gives the coup to the acquisition of the bank

Efforts to acquire a specialized bank in western Kenya have taken a new turn after the 14-county block has launched the search for a new consultant to lead the process.

The consultant should oversee the acquisition of an Acting CEO, Abala Wanga, said the block has set its sights on one of the stable lenders or financial institutions, but that he will seek professional advice on the best markets. option. "The bank we want to have is like any other successful commercial bank with headquarters in Nairobi," he said. The banks owned to finance projects in the region but their current advisor, Martin Oduor-Otieno, former managing director of the KCB group, were cautious.

The decision to search for a new consultant implies that the group favors a risk taker speeding up the process. even though Mr Wanga maintained that Mr Oduor-Otieno was eligible for re-election.

"What we want is to identify a really cautious bank that we might have to manage as a commercial financial institution and development," he said.

The block decided to acquire an existing bank to avoid the lengthy regulatory procedure of creating a new one from scratch.

The advisor should determine the type of shareholding or membership in the board of directors the eventual ban k "should have – baduming that the block buys – and the branch network involved. "

"The consultants will do due diligence, a legal audit and give us a bank with good health," Wanga said. 14 governors from the Lake District have agreed to invest in a bank to help their development program.

According to the president of the regional district, the governor of Kakamega, Wycliffe Oparanya, each of the member countries would inject 200 million shillings to build 2.8 billion shillings. The bloc secretariat said the consultations should be completed within 60 days before the third summit and official launch in Nandi in October.

The counties under the block are Kisumu, Kakamega, Bomet, Bungoma, Busia, Homa Bay, Kericho and Kisii. Others are Migori, Nandi, Nyamira, Siaya, Trans Nzoia and Vihiga.