Kenyan Bank to Open Branch in South Sudan
by John Ochieng, The Nation.
Aug 29, 2005 (Nairobi) — Kenya Commercial Bank will open a branch in southern Sudan. The bank was awaiting enactment of a new constitution in Sudan before it could set up the subsidiary, KCB group chairperson Susan Mudhune said.
She said the bank was expanding its network in the region to turn around its performance in regional business.
By setting up subsidiaries in Sudan, Tanzania and other countries, the bank would provide fast and effective services in the competitive regional financial sector, Ms Mudhune said.
The KCB boss said the bank was embracing more recent technologies and customer friendly service.
Ms Mudhune spoke on Friday evening during the launch of the new look KCB branch in Kisumu.
The bank is refurbishing and upgrading it’s branches under “Project Mteja”, which involves modernising services and revamping telecommunications at an estimated Sh3 billion.
Out of 116 KCB branches, 34 have been upgraded.
Also at the launch was KCB chief executive Terry Davidson and the bank’s board members.
KCB, Mr Davidson said, had received approval from Central Bank of Kenya to establish seven more branches in the country in a bid to increase clients.
After the introduction of the MasterCard last year, he said, the bank began issuing local and international Visa credit cards, which already enjoy a big market share.
Meanwhile, KCB’s new partnership with Western Union had expanded, with money transfer services available in 30 of the bank’s branches in the country, he added.
“The KCB you see today is very different from what it was a couple of years ago.
“We have invested heavily in improving our overall output and we will do more to ensure the provision of quality service and utmost satisfaction of our clients,” Mr Davidson said.
The KCB personal loan was successful, he said, recording personal assets worth Sh8 billion by the end of the last financial year.
“We are offering one of the lowest base rates in the market at 12 per cent, enabling our borrowers to enjoy very competitive rates,” he said.