Ratio Magazine :: The Inside Track to East Africa’s Economies - Diamond Trust Bank to Open Over 20 New Branches in 2009

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Diamond Trust Bank to Open Over 20 New Branches in 2009

Monday, 08 December 2008

5 December 2008 --- Diamond Trust Bank plans to open over 20 branches across East Africa next year, with nearly half of them in Kenya alone. This will effectively increase the bank’s branch network to over 50 across the region.

The bank started this year with 18 branches across the region (11 in Kenya, four in Tanzania and three in Uganda), with 15 new branches slated for opening this year ( seven in Kenya, two in Tanzania and six in Uganda).

The bank’s Chairman Mr. Mahmood Manji said this expansion drive is in line with the bank’s strategy to upscale its operations throughout the region by rapidly expanding its presence in major commercial centres across the three East African countries. “I believe this initiative will sustain the bank’s growth trajectory and further harness business opportunities in the Eastern African region,” said Manji.
The bank also has plans of opening a new subsidiary in Burundi early next year and is exploring possibilities of establishing banking operations in other African countries, including Madagascar, Mozambique, Rwanda and DRC over the next three to four years.

Speaking during the bank’s asset finance reception held in Nairobi, to recognise its dealers and brokers in its hire purchase and insurance premium financing business for their exemplary performance over the course of this year, Mr. Manji said: “Our dealers, both vehicle and insurance brokers, have been instrumental in driving our business. We are therefore keen to cultivate our relationship with them and reward them for their stellar performance.”

DTB has been a leading player in hire purchase finance for a number of years. In August this year, it was recognised as the Best Bank in Asset Finance, for the second year running, during the 2008 Kenyan Bankers’ Awards ceremony.

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