Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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My 2 cents wrote:young wrote:My 2 cents wrote:I looked up the 2021 statements for StanChart Global and then did the math myself. The share of Kenya Stanchart to Global Stanchart is just 3%. As usual we have shoddy Kenyan journalism to blame for that misleading and erroneous 10%. UPDATE Yes I just cross checked myself . Out of $3,347 million gross profit of global standard chartered bank, Kenya subsidiary contributed $104 million . That confirms the 3% contribution from Kenya. The criteria of SCB worldwide is to close subsidiaries contributing 1% or below to global pre tax profit . So you are correct @my 2 cents ....that Kenya contribution was 3% NOT 10%. Note however that Kenya contribution of 3% is the best in Africa closely followed by Nigeria at 2 .75%. Looking forward Kenya operations will remain for many years ahead unless SCB wants to divest entirely from African operations . Divesting away from Africa would be imprudent, so I do hope they stay. SCBK share price is recovering bit by bit. Africa is a very small market in the global scheme of things. The Beberu banks only think of exploiting the continent, not growing it. Only African banks like Equity, KCB and Co-op can grow our continent. Let the Beberu go. Life is short. Live passionately.
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