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Kenya's KCB Bank to offer mortgage-backed securities

Kenya's KCB Bank, the country's largest lender by assets, plans to offer mortgage-backed securities on the local bourse to help developers raise funds to build new housing units, its chief executive said.

There are less than 30,000 mortgages in the east African nation against a potential of 1 million, according to the government, and a severe shortage of houses has driven up prices.

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Mortgage KCB