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With total assets under management currently standing at Sh183 billion, CICAM said the new fund aims to protect investors from major market swings by diversifying across asset classes and markets while focusing on long-term capital growth.
The board shake-up comes shortly after the bank reported a profit for the first time in over ten years, largely attributed to cost-cutting efforts. For the six months ended June 2025, Consolidated Bank posted a profit after tax of Sh12 million, reversing a loss of Sh84 million in the same period last year. The bank had consistently reported losses since March 2016.
Treasury records show the loans were drawn from multilateral, bilateral, and commercial lenders, supporting different state-funded projects. This means the government was taking on Sh23.9 billion monthly, equivalent to Sh795.8 million per day and Sh532.4 million every hour.
The court upheld an earlier High Court decision in favour of Britind Industries Limited but reduced the compensation amount from Sh82.33 million to Sh58.6 million after reviewing expert valuation reports.
According to Treasury records, as of June 2024, Kenya owed TDB about $418 million (Sh54 billion) in syndicated loans scheduled to mature between September and early October 2025. The largest portion, about $314.2 million (Sh40.6 billion) was due on September 19, while the remaining $116.3 million (Sh15 billion) was to be settled by October 6.
The payout marks the close of a financial cycle in which KTDA-managed factories have finalised their performance audits and dividend computations.
At the same time, the cost of sales declined by 4 per cent, from Sh150.6 billion to Sh144.6 billion, resulting in savings of Sh5.94 billion. The company credited these savings to the stability of the shilling against key foreign currencies in which most power purchase agreements are priced.
CS Mbadi explained that Sh6.33 trillion is domestic debt while Sh5.48 trillion is owed to external lenders, including the World Bank, African Development Bank, China, and Eurobond investors.
The announcement marks a new chapter for the retailer as it celebrates its 35th anniversary, with the leadership change described as part of a succession plan anchored on stability, foresight, and continuity.
The decision marks the eighth consecutive rate cut by the CBK as it seeks to stimulate lending to the private sector and support economic growth amid stable inflation and a resilient economy.
This brings the cumulative total assessed since 2020 to over Shs.1 trillion under the Group’s Environmental and Social Due Diligence (ESDD) process.
The three-judge bench, consisting of Justices Daniel Musinga, Francis Tuiyott and George Odunga, determined that eight guarantors not the bank, are liable for the payment tied to the 1999 acquisition.