The government has shaken up the board of Consolidated Bank of Kenya Ltd (CBKL) amid the pending privatisation of the State-owned lender that has been grappling with falling deposits, a dwindling loan book, increased impairment costs and capital constraints.
CBKL and another State-owned lender, the Development Bank of Kenya, are lined up for sale as the government attempts to cut reliance on the Exchequer, with the recouped money being channelled into development projects.