Home GENERAL NEWS ABSA Bank resumes trading at NSE after one week suspension

ABSA Bank resumes trading at NSE after one week suspension

by biasharadigest

NAIROBI, Kenya, Apr 17-ABSA Bank Kenya has resumed trading at the Nairobi Securities Exchange, after it was suspended over failing to observe anti-money-laundering rules last month.

In a statement on Thursday, the lender announced that it has had negotiations with the Central Bank of Kenya and has resumed activities at the bourse.

“Following discussions with the CBK, we have worked through their concerns and we are pleased to inform our customers and stakeholders that effective Thursday,16 April ABSA Kenya resumed its foreign exchange operations as authorized dealer,” reads the statement.

“ABSA Kenya remains committed to be a constructive participant in Kenya’s financial markets for the benefit of all our customers and stakeholders,” ABSA Bank Kenya said on Thursday.

The lender was last week suspended by Central Bank of Kenya for one week over failure to provide information about some specific foreign trades that it conducted in March 2020.

“In investigating these and other earlier transactions, it is evident that Absa Kenya did not have satisfactory assurance of the underlying commercial transactions supporting these trades as is required,” the CBK said in a statement.

Absa Kenya forex trading income grew 11 percent to Sh3.64 billion in 2019.

In February it rebranded from Barclays Bank of Kenya and started trading as Absa Group Plc at the bourse.

The name change was triggered by the decision of London-based Barclays Group Plc to significantly cut down its stake in Barclays Africa and consequently in Barclays Kenya. The separation and re-branding cost the listed lender Sh1.5 billion.

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