18 October 2010

Kenya: Nation Bank Targets Small Regional Businesses

Kenya Commercial Bank (KCB) is setting its footprint on the East African region as it continues to expand by taking advantage of the EAC.

The bank has raised over KshsSh12.5b in rights issue to be used in expansion of its branches in the region. The bank last week added a branch in Ndeeba a Kampala suburb bringing the number of branches in Uganda to 14. "We know that countries in the east african region ratified the Common Market Protocol which supports free movement of banks, labour and goods among others.

KCB has been in the market and will facilitate SME's with eased banking," said Justin Bagyenda, the Bank of Uganda Executive Director Supervision while opening the branch. "There are timber and spare parts' dealers within this area among other businesses and many of these are unbanked due to several reasons.

"With our regional coverage, SME's will stand to benefit from joining this network," says Albert Adongo the Managing Director KCB Uganda. KCB is now the largest bank in East Africa with branches in Kenya, Tanzania, Uganda and Rwanda with Southern Sudan being its latest area of coverage.

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