This archive report was first published on 22 July 2019.
On July 22, 2019, Consolidated Bank of Kenya announced that it would extend the maturity of its Sh2 billion ($19.39 million) medium-term note by three months.
The seven-year bond, which was issued to shore up the bank's capital and enable it to lend more to its customers, was initially due to mature on July 22, 2019.
However, the bank decided to extend the maturity date to October 22, 2019, under the same terms with additional interest payments for the extension.
The extension was necessary to allow the National Treasury to finalize the process of capital injection into the bank, according to Consolidated Bank.
Consolidated Bank, which is 85.8 percent owned by the government, was formed in 1989 when the state merged nine troubled financial firms.
Efforts to privatize the bank, along with other government-owned enterprises, have been delayed for more than a decade due to red tape and the state of its books.
