, NAIROBI, Kenya, Nov 6 – The National Bank of Kenya (NBK) has launched a new branch at the Sameer Business Park in Nairobi in bid to push the bank into a top tier institution by the year 2017.
The new branch, targeting both retail and corporate clientele on Mombasa Road, is the first of 30 branches NBK plans to open in a bid to grow its turnover five-fold to Sh31 billion in next five years.
NBK Managing Director Munir Ahmed said the bank had eight branches nearing completion in Mombasa, Wajir and Nairobi and had recently opened another one at SEKU in Kitui, bringing the total number of branches opened by the end of this year to 10.
He added that by the end of 2014, the bank would have branches in all the 47 counties.
“We are expanding our footprint as we focus on realising our goal to be the bank of choice for individuals and businesses looking for a partner to grow. The new branches we plan to roll out will be augmented by an expansive agency network geared towards taking financial services closer to our customers,” said Ahmed.
On her part, Investment Secretary in the National Treasury, Esther Koimett, said National Bank’s expansion will contribute to the government’s efforts to enhance financial services to the public, a key pillar in the Vision 2030 and the Jubilee Government’s manifesto.
She said the bank would be a major contributor to the growth of the economy in the coming years.
Koimett added that the National Treasury was spearheading key reforms in the financial services sector along three fundamental dimensions, namely access, efficiency and stability.
“We are reviewing the Central Bank Act; expect new legislation at the end of the year. Other reform initiatives include promoting regional integration, cross-border operations, development of Nairobi as an international financial centre,” Koimett said.
The bank also plans to set up 2,000 agencies across the country in line with the Vision 2030 goal of ensuring accessible financial services for all Kenyans.
This will see the bank tap the huge unbanked market in Kenya, projected to grow by 4.2 million by 2016.
Ahmed added that National Bank will aggressively strengthen its participation in the corporate, institutional and Small and Medium Enterprise (SME) segments.
“Our goal is to re-orient the entire institution into well-balanced and diversified banking business with a broad spectrum of products and customer segments,” he said.