Kenya's biggest bank shares slump again after rates cap

PUBLISHED: Fri, 26 Aug 2016 07:52:22 GMT

Shares in KCB Group, operator of Kenya’s biggest bank by assets, fell by 10 percent at the start of trading on Friday as investors reacted to a government move to cap the level of interest that banks can charge borrowers.

Equity Bank, which serves millions of micro-borrowers, fell by a similar margin.

KCB’s shares were trading at 27 shillings ($0.2665) each while shares of Equity traded hands at 29.50 shillings as of 0648 GMT.

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