Transnational Bank rebrands to support Agribusiness
By Standard Reporter | August 2nd 2014
Transnational Bank has launched their newly rebranded City Hall Way Branch in Nairobi. The event was graced by the Bank’s Chief Executive Officer Sammy Lang'at on Thursday evening with attendance of more than 200 dignitaries, most of whom are customers of the bank.
Speaking at the event, Lang’at pointed out that the bank was started in 1985 by farmers in Rift-Valley and Western Kenya to finance their agribusiness financing needs.
“Following our rebranding, the vision by the founders greatly informed our current strategy. Transnational Bank has and is continuously innovating the financing structure for the entire agribusiness value chain,” he further reiterated as he explained the Bank's new products that help agri-businesses avoid bottlenecks caused by gaps in the market.
As a 2nd ranked Tier IV Bank in Kenya , the Bank is focussed on supporting entrepreneurship as a key driver of the economy by using financial innovations that enable entrepreneurs transform opportunities into economic productivity and success.
In the last 5 years, the bank has used technology and customer valued innovations to triple their growth, compared to the bank’s performance in the first 25 years of operation. The Bank has also grown to 17 branches.
Firmly rooted in agribusiness, the new strategy for the Bank is to finance the whole business value chain, enabling the movement of products from the farm to the table. Africa is estimated to earn an average of 24% of its annual growth from its farmers and their crops.
If supported by financial and non-financial interventions that strengthen the agribusiness Value chain, agriculture and agri-business together will contribute over 1 trillion dollars to the African economy 2030.
"We have transformed the life of many international renowned companies in Kenya” said Farid Sheikh, the Bank's General Manager as he shared the journey of Transnational Bank.
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Affirming that truly the Bank believes in an enterprising people, several entrepreneurs told their success stories as a result of partnering with Transnational Bank. Ms. Kalpa Padia, the Managing Director of Raka Milk Processors, told of the growth and the future of the company due to a long-standing relationship with the Bank.
Joshua Chepkwony, the chairman of Jamii Millers, lauded the Bank’s focus on agribusiness, as he compared similar initiatives in China and Angola that have seen the latter use agriculture to develop the economy.
As a serial entrepreneur behind Jamii Telkom and KASS Media Group, he explained the need for entrepreneurial focussed banks aimed at empowering youth in Kenya to build business and create jobs.
Mr. Peter Muraya, the Managing Director of Suraya Properties added that such banks are bridges entrepreneurs use to build their ideas. "Building local manufacturing is key to growing our economy, " added Ann Kirima, the Chairperson of Kenya Investment Authority, as she explained the high returns available in most sectors in the economy, that Kenyan banks should support instead of letting foreign investors take the lion share of the investment cake.
The event ended with much pomp with the unveiling of the remodelled branch and the launch of the Esteem Banking concept, which will see customers get VIP treatment in an exclusive lounge.
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