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CIC takes hit from lenders’ collapse

Tom Gitogo CEO CIC Insurance Group. [Wilberforce Okwiri/Standard]

The CIC Group has made large provisions to cushion itself against the effects of the collapse of two banks two years ago.

The insurer, which is owned by savings and credit cooperative organisations, Thursday said at an investor briefing in Nairobi that Chase and Imperial banks went under with much of its cash in the form of deposits and debt.

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