Mayfair Insurance ordered to pay for construction delay
Monday January 18 2021
Summary
Mayfair Insurance has been ordered to pay Sh143 million insurance bond for delays in completing Duplex Apartments Riverside Gardens, Riverside Drive Nairobi.
Globe Developers had taken out a performance bond where the lender would pay the money if the contractor failed to finish the construction on time.
High Court Judge David Majanja ruled that Mayfair could not avoid paying the claim since it had not demonstrated that the terms of the contract had been breached.
Mayfair Insurance has been ordered to pay Sh143 million insurance bond for delays in completing Duplex Apartments Riverside Gardens, Riverside Drive Nairobi.
Top corporate deals of 2020
Monday December 28 2020
Cooperative Bank of Kenya officially acquired 90 percent stake in Jamii Bora Bank on August 21. FILE PHOTO | NMG
By BRIAN NGUGI
Summary
Some of the recent merger and acquisitions activity cut across key sectors including financial services, renewable energy and technology.
This is expected to intensify. Below are some of the top deals for 2020.
Some of the recent merger and acquisitions activity cut across key sectors including financial services, renewable energy and technology. This is expected to intensify. Below are some of the top deals for 2020.
Co-operative Bank acquires Jamii Bora Bank for Sh1bn
Improving financial inclusion is a key objective of CIB’s African expansion – a strategy that is already gaining momentum outside Egypt.
The World Bank Group’s most recent global findex database found that bank account ownership in Egypt increased significantly between 2011 and 2017. However, wealthier adults are still twice as likely as poorer ones to have an account and the share of adults who reported having saved formally over the previous 12 months was just 5%, with family and friends the largest source of borrowed funds.
The World Bank estimates that digitizing private sector wage payments could reduce the number of unbanked adults in Egypt by up to a fifth. CIB agrees that digital solutions are the key to reaching the unbanked and underbanked segments of the Egyptian population and they form a vital element of its strategy for targeting the unbanked and underbanked segments of population.