Kenyan banks with EAC units drop to nine
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.