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Kenya

DTB to increase branches across the region

NAIROBI, Kenya, Dec 6 – Diamond Trust Bank (DTB) targets to increase its foothold in the Eastern and Central African region to boost its market share and profitability by the end of 2011.

The bank\’s Chairman Abdul Samji said that by end of next year, DTB intends to see its branch network in the region to 67. In the new development, Kenya will open four to five new branches, Uganda three, Tanzania two, and Burundi one. He also revealed that the group plans to double its footprint in Eastern Africa to over 100 branches over the next three years.

Speaking during the Annual Asset Finance Cocktail Party, Mr Samji said that the bank would continue to aggressively implement its network expansion plan and strategy.

"Through our regional growth and expansion plan, the bank plans to grow its network to 67 branches in the Eastern and Central Africa region in line with the bank\’s strategic objective of becoming a recognized Pan African Bank," said Mr Samji.

This year, the bank increased its branch network in Eastern Africa from 30 to 57, stretching from Arua in North Western Uganda to Zanzibar on the East Africa sea-board.

Commenting on the rate of growth of the bank\’s asset finance portfolio, the Head of Asset Finance, Kennedy Nyakomitta said that the bank\’s asset finance portfolio registered a growth of 30 percent of the bank\’s total asset book which now stands at Sh45 billion.

The bank has also launched new products into the market in line with its Small and Medium-sized Enterprises (SMEs) vision. The new products are the Mobile Banking Service, Business Account tailored for SMEs and the Mortgage product that will help its clientele with long term financing for housing focusing on the middle and high net-worth individuals.

The annual asset finance party is normally held by the bank to recognise its dealers and brokers for their exemplary performance over the course of each year in its Hire Purchase and Insurance Premium Financing business.

"Our dealers, both vehicle and insurance brokers, have been instrumental in driving our business. We are therefore keen to cultivate our relationship with them and reward them for their stellar performance," said Ms Nasim Devji, DTB\’s Managing Director and Group Chief Executive Officer during the ceremony.

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DTB is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network. Amongst the bank\’s key shareholders are Habib Bank Limited (HBL), an AKFED subsidiary, and the International Finance Corporation, the private lending arm of the World Bank.

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