KCB opens branch in Sudan as competition intensifies

Published on 04/06/2009

By Jackson Okoth

Kenya Commercial Bank (KCB) has opened a second branch in Juba as competition among commercial banks for the reconstruction financing in Southern Sudan hots up.

Apart from KCB, the other player who has already set up shop in the region is CFC Stanbic. Key players competing for a share of the regional banking business include Diamond Trust, Fina, NIC bank and Equity Bank.

This new branch is the second, bringing number of KCB branches in Southern Sudan to five in a country coming out of a crippling two-decade civil war.

“KCB has demonstrated capacity and commitment to supporting the development of the banking sector and my government will give them the support they require ,” said President Salvar Kiir Mayardit during the launch of Buluk branch in Juba.

KCB’s new branch in Juba has 16 teller cubicles, making it the largest KCB Advantage Banking centre. Due to its large network, the government of Southern Sudan has appointed the bank its sole tax collection agent.

“There are more foreign banks talking to us now about opening operations here because of KCB,” said Finance Minister Kuol Athian Mawien. KCB’s investment in Southern Sudan accounts for about 10 per cent of the bank’s profits. Group Chief Executive, Martin Oduor-Otieno said KCB will establish 10 more branches over the next 12 months, targeting capital centres of the states of Southern Sudan.

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