This archive report was first published on 2 October 2019.
Published on October 2, 2019, Victoria Commercial Bank has denied claims that it is under investigation by the Central Bank of Kenya (CBK) over alleged misconduct and massive irregularities.
The bank's Senior Executive Officers have come out to quash claims that it operated a parallel account with an unnamed Indian Bank, saying the bank is compliant with CBK's regulations and has a clean bill of health from a 2014 audit.
According to the officers, the bank's recent funding partnerships with three Development Finance Institutions (DFIs) are evidence of its adherence to internationally accepted standards.
One of the DFIs, World Business Capital, granted the bank a KSh 1 billion loan in June 2018, while another, SIFEM, provided US dollars 10 million in May 2019. The bank also received a US dollars 5 million subordinated Tier 2 compliant Loan from Swedfund in April 2018.
These partnerships, the officers said, demonstrate the bank's commitment to transparency and compliance with regulatory requirements.
