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 coup from sending the block of 14 counties The search for a new consultant to lead the process

The consultant should oversee the acquisition of an "appropriate bank as soon as possible", has declared the secretariat of the Lake Region Economic Block

. Abala Wanga said the block has cast its eye on one of the stable lenders or financial institutions, but that he will seek professional advice on the best option. "The bank we want to have is like any other successful commercial bank headquartered 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 to speed up the process. Although Mr. Wanga argued 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 would require that the consultants do due diligence, that they do a forensic audit and that they provide us with a bank with an irreproachable health check, "said Wanga

. 14 governors from the Lake District have agreed to invest in a bank to help their development program.

According to the regional district chairman, Kakamega governor Wycliffe Oparanya, each of the counties would inject 200 million shillings to build 2.8 billion shillings.

The bloc's secretariat said the council should be completed within 60 days before the third summit and the 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.