G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Credit Bank billion), with shareholders' equity valued at US$13.96 million (KES:1.392 billion). At that time, the bank was ranked number 38, by assets, out of the 43 licensed commercial banks in Kenya. The bank was founded in 1986, as a non-bank financial institution (NBFI); Credit Kenya Limited. In 1995, the institution was awarded a commercial banking license and it rebranded to Credit Bank Limited. As at January 2016, the shares of stock of Credit Bank are privately owned by corporate and individual investors, including the following: In January 2016, Fountain Enterprises Programme Group (FEP) announced plans to acquire a controlling 75 per