StanChart sets aside Sh10bn for unsecured loans

StanChart’s CEO Lamin Manjang. FILE PHOTO | NMG

What you need to know:

  • StanChart has allocated Sh10 billion to be issued as unsecured personal loans by mid-October.
  • The plan runs against increased conservatism in the banking industry whose aggregate lending to the private sector slowed down to 2.4 per cent in the 12 months to April.
  • StanChart says it has done its homework in terms of risk appraisal, giving it the confidence to issue up to Sh7 million to each borrower.

Standard Chartered Bank Kenya #ticker:SCBK has allocated Sh10 billion to be issued as unsecured personal loans by mid-October, signalling a renewed risk appetite by the lender.

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