Kenya's largest bank seeks regional expansion

Kenya's biggest retail bank, Kenya Commercial Bank (KCB), is seeking regional expansion as it moves to meet the immense demand for banking services in Eastern Africa, bank executives said on Thursday.

KCB Deputy Chief Executive Martin Oduor-Otieno said the bank, which has opened two subsidiaries in southern Sudan, plans to spread its wings to neighboring Uganda in 2006/07 and Rwanda in 2007/08.

"We are repositioning our business in Tanzania and over the next few years intend to establish our presence in Uganda and Rwanda," Oduor-Otieno said during the launch of Islamic banking brand "The KCB Amana Account" in Nairobi.

The Amana Account is a Sharia compliant banking service, which has been tailor made to meet and satisfy the needs of the bank's shareholders and customers.

In May this year, KCB opened its first branch in Juba, the capital of southern Sudan, making history as the first international bank to set shop in the vast region. In June, the bank opened another subsidiary in Rumbek, which serves as the headquarters of the United Nations and various aid agencies working in southern Sudan.

"As part of this strategy, KCB is exploring the prospects of establishing other subsidiaries in Uganda, Rwanda and possibly, Burundi," Oduor-Otieno added.

Source: Xinhua