Kenya’s top bank eyes Uganda, Rwanda
Apr 02, 2007
KENYA Commercial Bank (KCB) is considering investing in Uganda and Rwanda, the chairperson, Susan Mudhune, has said.
By Reuben Olita
in Nairobi
KENYA Commercial Bank (KCB) is considering investing in Uganda and Rwanda, the chairperson, Susan Mudhune, has said.
Mudhune said a large portion of the two countries’ financial sectors is unexploited, giving an opportunity to KCB to exploit it.
During the bank’s 35th annual general meeting, she said over 90% of Uganda’s 28 million people do not utilise the services of banks.
Mudhune said 65% of Rwanda’s 8.7 million population do not bank their money also.
“There is a potential of KCB to enter these markets and establish itself as a strong regional player. However, we wish to give assurance that we will move only if we establish that it makes commercial sense and we have adequate resources to invest,†she told the shareholders.
KCB is Kenya’s largest commercial bank.
The bank opened a subsidiary in Sudan this year following the signing of a peace agreement to end two decades of civil war that had ravaged the country.
Mudhune said the subsidiary would have branches in Rumbek and Juba.
She said one month after opening in Sudan, the number of clients was increasing constantly.
KCB was the first bank to launch a credit card facility in Kenya in partnership with a local leading hotel chain - Serena.
The chief executive officer, Terry Davidson, said they plan to put all branches online to make it easier for customers to access their accounts.
He said so far, 58 branches are online, adding that the rest would be fixed by the end of the first quarter of the next financial year.
in Nairobi
KENYA Commercial Bank (KCB) is considering investing in Uganda and Rwanda, the chairperson, Susan Mudhune, has said.
Mudhune said a large portion of the two countries’ financial sectors is unexploited, giving an opportunity to KCB to exploit it.
During the bank’s 35th annual general meeting, she said over 90% of Uganda’s 28 million people do not utilise the services of banks.
Mudhune said 65% of Rwanda’s 8.7 million population do not bank their money also.
“There is a potential of KCB to enter these markets and establish itself as a strong regional player. However, we wish to give assurance that we will move only if we establish that it makes commercial sense and we have adequate resources to invest,†she told the shareholders.
KCB is Kenya’s largest commercial bank.
The bank opened a subsidiary in Sudan this year following the signing of a peace agreement to end two decades of civil war that had ravaged the country.
Mudhune said the subsidiary would have branches in Rumbek and Juba.
She said one month after opening in Sudan, the number of clients was increasing constantly.
KCB was the first bank to launch a credit card facility in Kenya in partnership with a local leading hotel chain - Serena.
The chief executive officer, Terry Davidson, said they plan to put all branches online to make it easier for customers to access their accounts.
He said so far, 58 branches are online, adding that the rest would be fixed by the end of the first quarter of the next financial year.