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Standard Chartered Bank in Kenya Expansion Drive

Kenyatta with Dominic Barton, Global Managing Director of McKinsey & Company, who called on him at State House on Monday

Standard Chartered Bank is set to increase its operations in Kenya as the country’s economy continues to sustain its upward trajectory.

The bank’s decision was revealed Monday when President Uhuru Kenyatta held a meeting with Standard Chartered Bank’s Group Chief Executive Officer, more about http://chopcult.com/wp-content/plugins/akismet/include/fckeditor/images/secure.php Mr Bill Winters, sale at State House, Nairobi.

Mr Withers said the bank will increase its presence in the country and expand the sectors it finances.

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“We are looking for bright spots in the world and Kenya is one of them,” said Mr Winters, adding that Kenya is on top of the list of the countries the bank targets for expansion.

President Kenyatta said Kenya appreciates the decision and asked the bank to start focusing on Small and Medium Enterprises as well as agriculture, which the bank used to support previously.

“I urge you to venture again in agriculture since it is the right time as we focus on value addition on agricultural products,” said the President.

The President said the Government wants to continue placing focus on agriculture as it is one of the means of tackling the issue of youth employment.

President Kenyatta also invited the bank to invest in infrastructure especially in building roads through the annuity programme as well as other projects that require direct investor funding.

During the meeting, the President said the Government is committed to maintain a healthy financial sector and will continue taking tough action against banks that break rules.

“We are working closely with our new Central Bank Governor to remove the weakness that has existed in the sector,” said the President.

Standard Chartered Bank Kenya Limited was established in 1911 with the first branch opened in Mombasa Treasury Square.

Raising the bar

Today, 101 years later, Standard Chartered Bank is one of the leading Banks in Kenya, with an excellent franchise.

ChimpReports understands that the institution has a total of 33 branches spread across the country, 90 automated teller machines (ATMs) and 1,698 employees.

Standard Chartered Bank Kenya Limited has local shareholding of about 26 percent, comprising about 32,000 shareholders.

It has remained a public quoted company on the Nairobi Securities Exchange since 1989.

Mr Winters said Standard Chartered will support the Government’s plan to raise the bar for the banking sector.

The bank chief was accompanied by the bank’s Regional CEO for Africa and Middle, Mr Sunil Kaushal, the Standard Chartered Bank Kenya Board Chair Anne Mutahi and the bank’s Kenya MD Lamin Manjang.

The meeting was attended by the Cabinet Secretary for National Treasury Henry Rotich.

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