Kenya Commercial Bank starts operations in South Sudan

May 12, 2006 (NAIROBI) — Kenya Commercial Bank (KCB) has commenced operations at its Juba branch in Southern Sudan after receiving a licence from the deputy governor of the Bank of Sudan, Elija Malok Mayen.

KCB is now one of the only two banks operating from the region, the other being Nile Commercial Bank. KCB deputy chief executive officer Martin Oduor-Otieno said the KCB subsidiary would offer a full array of banking and financial products and services to that market.

The bank plans to open a second branch in Rumbek next week as it moves to meet the immense demand for banking services in southern Sudan. The bank also expects to establish a presence in Yei and Yambio among other viable business centres in the country.

“All services that we offer at KCB Group will be available to our customers there,” said Oduor-Otieno.

KCB has seconded five Kenyan staff to the Juba branch to help establish operating systems. The bank has also set up an enquiries desk at its Kencom House headquarters to help investors intending to open accounts in Juba.

“The licence we are issuing today is part of the implementation of the Comprehensive Peace Agreement that granted autonomy to the Government of Southern Sudan to establish a conventional banking system to support the economy,” said Mayen.

(Standard/ST)