Key facts
- Kenyan regulators placed Turkana Trust into administration.
- Turkana Trust was sold to Horizon Bank.
- The sale price for Turkana Trust was KES 200 million.
- The Bank of Supervision cited asset quality problems at Turkana Trust.
- The Bank of Supervision cited the need for an immediate capital injection.
- Depositors' funds are assured to be safe with Horizon Bank.
Turkana Trust has been placed into administration by Kenyan regulators, who have subsequently sold the institution to Horizon Bank. The transaction was valued at KES 200 million. The Bank of Supervision, the regulatory body overseeing the process, stated that the decision was made due to significant asset quality problems within Turkana Trust. Furthermore, the regulators identified an immediate need for a substantial capital injection to stabilize the institution. Horizon Bank will now take over the operations and assets of Turkana Trust. The Bank of Supervision has issued assurances to depositors of Turkana Trust, stating that their funds are safe and will be protected under Horizon Bank's management. This move aims to ensure financial stability and maintain public confidence in the banking sector.