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Nairobi the Regional Hub: Another day,another opening

Discussion in 'Kenyan News and Politics' started by Nairoberry, May 4, 2012.

  1. Nairoberry

    Nairoberry JF-Expert Member

    #1
    May 4, 2012
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    The
    latest addition to Nairobi’s regional
    hub status comes from South
    African bank FirstRand, which
    opens a representative office in
    Kenya this week.
    The bank joins three others that
    have opened up in Nairobi in the
    past four years, along with
    corporates such as Samsung and
    PwC and companies set on regional
    expansion such as Nestlé and Dow
    Chemicals, the $60bn company
    whose CEO Andrew Liveris visited
    Nairobi this week.
    Wolfgang Fengler, the World Bank’s
    lead economist for the country,
    says Kenya is perfectly situated for
    companies bent on regional
    expansion thanks to an expanding
    population of working age, access
    to the sea and the hinterland, a
    developing education system and
    better macroeconomic policies
    than in preceding decades. He says
    Kenya also stands to gain from
    rising labour prices in China if it can
    ready its nascent manufacturing
    sector for the fallout. The World
    Bank expects China to shed 85m
    manufacturing job in the next ten
    years.
    Jabu Khethe, head of Africa at
    FirstRand, shares the enthusiasm.
    “We believe there’s a gateway, a
    pipeline of business that exists
    between India and Africa coming
    through Kenya,” he told a Nairobi
    dinner audience that included
    bankers, private equity funds and
    senior government officials.
    Khethe said the bank hoped to
    have full banking status within two
    years, setting up a retail branch
    network on top of “suitcase
    banking” operations through which
    it is already assessing deals worth
    more than $650m in Kenya, in
    areas from project finance to
    commodity services.
    To gain its full banking licence,
    FirstRand will most likely negotiate
    with a local bank and make an
    acquisition, Khethe said.
    Robinson Githae, Kenya’s new
    minister of finance, said a new
    minimum capital requirement for
    banks of 1bn shillings ($12.5m) by
    the end of the year was likely to
    spur mergers and acquisitions
    among the country’s 43 banks. He
    also called on banks to open more
    branches and said employers
    would soon be required to pay
    workers through bank accounts
    rather than in cash to boost
    “financial inclusion”.
    “We intend to expand the middle
    class,” he said.
    Njuguna Ndung’u, central bank
    governor, said banking was among
    the strongest investment draws in
    Kenya. He said a fifth banking
    entrant was waiting for its letter of
    approval, due soon.
    Ndung’u said banks continued to
    make “massive profits” even in last
    year’s hostile macroeconomic
    environment, characterised by high
    inflation and shilling depreciation.
    The financial sector grew 8.8 per
    cent last year, well above 5.6 per
    cent overall growth.
    The hub is likely to develop more spokes yet
     
  2. Nairoberry

    Nairoberry JF-Expert Member

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    May 4, 2012
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    m.ft.com/beyond-brics/2012/05/04/nairobi-the-regional-hub-another-day-another-opening/
     
  3. M

    Mwembetayari JF-Expert Member

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    Great news! The take off is set!
     
  4. Nairoberry

    Nairoberry JF-Expert Member

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    God blessed kenya abudantly Nairobi is set to overtake johanesburg by 2033 Indicators
     
  5. H

    Hute JF-Expert Member

    #5
    May 4, 2012
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    not only johanesburg, Nairobi is set to overtake New York, Hong Kong and Tokyo by 2040. Kenya is rich mmhhh, they are a middle class African country, they are far away beyond tz and ug, have plenty of land, water, food....you can't hear anything like "hunger"or famine in kenya, they are capable of feeding their populations, kenya is corruption free country. go kenya, gooooo!
     
  6. Gurta

    Gurta JF-Expert Member

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    I 'love' Kenyan journos, this bank opened up in Dar about a month ago too but for the shemejis on this side thought they were bloody 'kaburus'!
     
  7. H

    Hute JF-Expert Member

    #7
    May 5, 2012
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    kenyans expose shallow information they have...think everything that is done in kenya hasnt been done else where, to the contray its shame on them.
     
  8. Ndahani

    Ndahani JF-Expert Member

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    I think you are underestimating...Nairobi will overtake Johanesburg by 2015.....what do you think?
     
  9. Nairoberry

    Nairoberry JF-Expert Member

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    when will dar es salaam ever overtake Nairobi???:loco:
     
  10. Nyunyu

    Nyunyu JF-Expert Member

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    There you go... its here again! Uuhh...:nerd:
     
  11. Nyunyu

    Nyunyu JF-Expert Member

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    Aisee!!!! Its getting boring now!
     
  12. BelindaJacob

    BelindaJacob JF-Expert Member

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    Mzee wa Kibera unapenda kushindana kweli kweli...2033 indicators zinasemaje? mikenya bwana!!
     
  13. My 125

    My 125 Member

    #13
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    openin a bank in a country is normal no need bragin 'bout it.
     
  14. H

    Hute JF-Expert Member

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    never will that thing happen! Dar es Salaam to overtake Nairobi? nooo, be serious please,...you know Nairobi is far ahead of dsm...more advanced even than New York and Tokyo, Beijing etc. even the Kibera slums you hear in news is found in an area called MASAKI in Dar es salaam. Kenya is not to be compared with any country in Africa, its Africa's superpower.....no question about that.
     
  15. livefire

    livefire JF-Expert Member

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    May 7, 2012
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    i beg your indulgence, lets engage in positive criticism or better still why are you hell bent against Kenya? mayb we can talk it out..am a pretty fair and balanced patner my motherland not withstanding, hehe:). Share your bile buddy....give me a page if necessary al take it to the lab.
     
  16. m

    moyo JF-Expert Member

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    May 10, 2012
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    You sound stupid!..but whateva u have said not only is it true but possible!
     
  17. Punda wa Dobi

    Punda wa Dobi JF-Expert Member

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    in ur dreams nigger
     
  18. D

    DzeFF Member

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    proudly kenyan no matter what they say!
     
  19. Kabembe

    Kabembe JF-Expert Member

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    Watanzania tuliponzwa na wskoloni kiasi kwamba hata viongozi, babu na baba zetu waliamini kila kitu kizuri kiko Nairobi-yaani good schools, nice environment, fancy life and I remember my father use to call Nairobi as half London and used to travel there frequent but now things are changing, big and multinational companies are flocking to Dar es salaam even now more kenyans would like to work in Tz rather Nairobi, I heard some envying their fellow kenyans working here.
     
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