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National Bank to spend Sh350m on branch expansion

BUSINESS
By By MARGARET KANINI | May 22nd 2014 | 1 min read
By By MARGARET KANINI | May 22nd 2014
BUSINESS

By MARGARET KANINI

National Bank will spend approximately Sh350 million to set up 10 new branches countrywide before the end of this year as part of its turnaround strategy.

Managing Director Munir Ahmed said the new branches will complement their non-branch channels and that the amount spent on each branch would vary from about Sh25 to 35 million depending on size and location.

“This will provide easy and convenient access to unlimited banking services and boost our presence in the country,” he said.

Mr Ahmed made the remarks when he signed an agency bank agreement with Post Bank and Kenswitch in a deal that will allow its customers access services through Post Bank agents and increase its reach across the country.

However, the announcement comes at a time when many banks are embracing agency banking in place of the brick and mortar model, which is considered expensive.

Since he took over, Ahmed has embarked on a turnaround strategy and aims to become a top tier bank in the region by 2017. The bank rebranded early last year.

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