Guaranty Trust Bank (GT Bank) Kenya has confirmed it has filed an appeal with the Competition Tribunal, challenging a decision by the Competition Authority of Kenya (CAK) that imposed financial penalties and ordered customer refunds. Bank’s Position In a statement, GT Bank said the matter is now sub judice, making…
The Competition Authority of Kenya (CAK) has directed Guaranty Trust Bank Kenya Limited (GT Bank) to pay a penalty of Ksh. 33,180,000 and refund Ksh. 13,211,285 to its customer ASL Limited, following findings of false representation and unconscionable conduct. Background of the Complaint The probe began after ASL lodged a…
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 100% shareholding of Paramount Bank Limited by Zenith Bank PLC, subject to conditions designed to safeguard employment. Employment Protection As part of the approval, CAK directed that Paramount’s 78 employees must be retained for at least 12 months…