Banks in court over Sh1 billion dispute

Guardian Bank Kenya is embroiled in a tussle with former Guilders International Bank shareholders over refunds. [File, Standard]

The High Court is set to hear a Sh1 billion dispute over the takeover of Guilders International Bank Ltd by Guardian Bank two decades ago.

Documents filed in court show that the merger of the two banks was approved by the finance minister through a gazette notice in 1999. However, former shareholders of Guilders International Ltd say Sh196 million, which was the total value of bank in 1999, was never paid as agreed.