NAIROBI, Kenya, Oct 31 – Commercial Bank of Africa (CBA) has unveiled a new brand identity in efforts to strengthen its regional presence and relevance in the evolving financial industry.
CBA Managing Director Isaac Awuondo said the shift to a more contemporary focus is part of the group’s goal to offer a more customised way of delivering financial services, which it has coined ‘couture banking.’
“What we are trying to do as an institution is to move banking services away from functional to the more emotive side of things. Our electronic delivery platforms are going to be considerably enhanced ensuring that we place banking services in the hands of the customer,” he said.
With an estimated 25 million mobile subscribers in Kenya and 60 percent using their mobile phones to access the Internet, Awuondo added that the group is looking to engage more customers on mobile platforms.
Currently in the works is CBA’s Internet banking offering expected to be launched in January, and its mobile banking solution to be placed into the market early next year.
Primarily a corporate bank, CBA has just over 30,000 customers, with diplomatic missions constituting a large portion of its client base.
The re-branding process that began two years ago will cost CBA approximately $5 million (Sh496 million) to be spent over the next three years in branch facelifts and internal organisational changes.
Awuondo revealed that the group also plans to enhance its capital base that is currently at Sh9 billion, which he says will help drive investment opportunities in the region.
“We are raising through a rights issue an additional Sh1.5 billion from our existing shareholders to show up our capital base and ensure that we continue to have a strong financial base out of which to build our business. It will be completed before the end of the year,” he said.
The group posted a 101.8 percent growth to Sh75.5 billion in its total assets base between 2006 and 2010, as well as doubled its deposits to Sh65.4 billion in the same period.
CBA will be expanding its domestic footprint, already opening branches in Kisumu, Nakuru and Eldoret and later in Nyali and Thika.