Business Daily | by Partick Alushula
The Kenyan subsidiary of multinational retailer Shoprite Holdings has cleared the Sh1.5 billion Stanbic Bank Kenya loan as it exits the local market due to losses.
Stanbic Bank Wednesday told the Business Daily that the retailer cleared the unsecured loan last December. The loan was denominated in Kenya Shillings and attracted an interest rate of 9.7 per cent.
“They completely cleared. They paid it off end of last December,” said Charles Mudiwa, the Stanbic Bank Kenya chief executive…
