Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya/Burundi: Press Releases: KCB Opens Burundi Subsidiary

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Kenya/Burundi: Press Releases: KCB Opens Burundi Subsidiary

Tuesday, 08 May 2012

Nairobi/Bujumbura, 8 May 2012 --- East Africa’s largest indigenous bank KCB officially opened the doors of its first branch to the public today during a ceremony presided over by Burundi’s Head of State, President Pierre Nkurunziza.

The commencement of operations follows months of preparation that commenced in 2011 when KCB Group officially wrote to the Central Bank of Burundi applying for a license to operate in the country.

Speaking during the ceremony, KCB Group Chairman Peter W. Muthoka said that the Burundi operation would be run as a KCB subsidiary business similar to those in other countries outside Kenya. “This is a momentous time for KCB as we make history by being the first local bank to have a complete presence in all the countries that make up the East African Community,” he added.

With an investment of around USD10m, the KCB Burundi operation includes two start-up branches in the capital Bujumbura, with the main one located at the latest city landmark.

The KCB Group Chairman said that KCB Burundi subsidiary would catalyse economic development by offering modern banking solutions to the local businesses and individuals. “In addition, we intend to offer employment opportunities and human capital development by exposing the staff here to the latest training modules,” Muthoka said.

The Burundi operation started with 20 employees, a number that will increase as the business grows and expands. KCB will focus on strengthening the subsidiaries in Uganda, Rwanda, South Sudan and Tanzania. “In all these markets, KCB successfully spearheaded green-fields establishments, and today each of them is registering profits,” Muthoka said.

He pointed out that KCB was also the first bank in the region to offer a one-branch real time banking concept where a customer was guaranteed service in any of the countries and an instant update on the account after the transaction.

The KCB Burundi Subsidiary will be headed by Gloria Nyambok who was given the green light to do so by the central banks of both Kenya and Burundi.

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