Africa: Dubai Bank Sinks Under Debt and Violating Regulator Rules

14 August 2015

The Central Bank of Kenya has placed Dubai Bank under receivership after the lender failed to repay money borrowed from other financial institutions to keep it afloat.

Announcing the move, Central Bank said the action was taken "in the interest of its depositors, creditors and members of the public." Kenya Deposit Insurance Corporation (KDIC) was appointed as the receiving manager for a year.

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