Published: May 16, 2013
Kenyan subsidiary receives funds from Dutch development bank FMO.
The Kenyan division of Bank of Africa, a financial services group operating across 15 African countries, has signed KSh2bn (US$25mn) loan with FMO, the Dutch development bank.
The loan will help Bank of Africa Kenya to offer new products in the country’s retail banking market.
FMO owns a 20% stake in Bank of Africa. The bank will receive the money in two tranches over a 12-month period.