Kenyan banks may turn to shareholders to comply with IFRS 9
A Co-operative Bank staff (left) helps a customer to buy the bank’s shares. Experts say some banks may have to ask for cash from their owners to fulfil the new loan provisioning standard. FILE PHOTO | NATION
Four top Kenyan banks will have to increase their loan loss provisions by Ksh36 billion ($360 million) under the new accounting regulations, which take effect in a week’s time.
The Central Bank is expected to give bankers at least 12 months to build up their provisions to the required levels under the new regulations, known as IFRS 9.
