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Irony of expanding bank outlets amid massive layoffs

Investment Analyst at Cytonn Investments Caleb Mugendi briefs journalists during the release of the Cytonn 2017 Banking Sector Report in Nairobi April 16, 2018. [Elvis Ogina, Standard]

About 93 new bank branches were opened last year despite massive layoffs, migration to mobile-based technology and a shift to agency models, a new survey shows.

According to the Cytonn Investments 2017 Banking Sector Report, this year alone, National Bank has opened two new branches in Nandi Hills and in Kitale as it targets the expanding agribusiness sector.

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