Family Bank eyes top tier status with more branches
What you need to know:
- This brings the number of branches the bank has opened this year alone to seven as it moves to tap into the emerging openings through mobilising cheap deposits and growing its customer base.
- Chief executive Peter Munyiri said Family will in the coming year, open at least 10 new outlets as part of a strategy to tap into opportunities brought about by devolution.
Family Bank has embarked on a branch expansion project to make it one of Kenya’s top financial institutions by 2016.
Its countrywide network has hit 78 following the opening of two outlets in Malindi and Ukunda at the coast region.
This brings the number of branches the bank has opened this year alone to seven as it moves to tap into the emerging openings through mobilising cheap deposits and growing its customer base.
Chief executive Peter Munyiri said Family will in the coming year, open at least 10 new outlets as part of a strategy to tap into opportunities brought about by devolution.
“We are keen to expand out-reach by growing the service channels in strategic areas with focus. We are pegging our branch expansion plans on the opportunities in all the sectors in the country,” Mr Munyiri said in a statement yesterday. Other branches which the bank has opened this year are located in Nairobi, Bomet and Kajiado counties. Over the next two months, the lender plans to open two more in Mwea and Litein.
In the first half year period ending June 2014, the bank reported a 76 per cent growth in after tax profit to Sh875 million compared to Sh496.6 million it made in a similar period in 2013.
