Kenyan banks with EAC units drop to nine

Business Daily (Kenya) - - MONEY & MARKETS - Brian Ngugi bn­joroge@ke.na­tion­media.com

Kenyan banks with an East African Com­mu­nity (EAC) foot­print fell to nine last year from 11 in 2015, thanks to re­gional con­flicts and takeovers.

There was also a sig­nif­i­cant cut in re­gional branches.

Cen­tral Bank of Kenya (CBK) data shows only nine Kenyan banks re­tained sub­sidiaries in the EAC bloc. They are KCB Group, Di­a­mond Trust Bank Kenya, Com­mer­cial Bank of Africa, Guar­anty Trust Bank, Eq­uity Group, I&M Bank, African Bank­ing Cor­po­ra­tion, NIC Bank and the Co-op­er­a­tive Bank of Kenya.

“The de­cline of banks with re­gional sub­sidiaries from 11 in 2015 to nine in 2016 was oc­ca­sioned by Im­pe­rial Bank Ltd and Bank of Africa,” said CBK.

KCB and Eq­uity scaled down op­er­a­tions in South Su­dan fol­low­ing the de­te­ri­o­rat­ing se­cu­rity.

Eq­uity scaled down to five branches last year com­pared to 18 in 2015 while KCB had 17 branches last year down from 18 in 2015.

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