CFC Stanbic steps up branch expansion

By MACHARIA KAMAU

CFC Stanbic Bank begun an expansion programme that will see it open another seven branches in the course of next year, and bring its branch network to 19.

The bank will open two branches this month at Nairobi’s Westgate shopping mall, and another in Kisumu.

"We are increasing our presence across Kenya, and next year will see the opening of more branches in different regions," said Mr Billy Lynch, director of personal and business banking.

He said venturing into new regions and aggressive marketing would double its customer base.

Its target are the youth, whom Lynch said, the bank has done extensive market research and would soon launch products exclusively targeted at them.

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Lynch added that the expansion would also see an increase in the number of products the bank currently has available.

"We will launch more value added products especially for business clients by incorporating mobile and Internet banking," he said.

Lynch, who spoke during the draw for the ‘win out of the blue’ competition, also said the bank would in March next year launch a new operating system that would integrate processes that CFC and Stanbic banks had before their merger earlier this year.

"The system will be a standardised one, that will bring together strong features of the two systems that the bank is currently using," he said.

The new system, the bank hopes, will smoothen operations, because, according to Lynch, there have been challenges during the six months since the merger of synchronising their operations.