KCB to open six more branches in South Sudan - The Star

Regional financier Kenya Commercial Bank plans to  open six more branches in the Republic of South Sudan, according to its outgoing chairman Peter Muthoka. The six branches to be set up within this year will bring to 25 the total number of KCB's outlets in South Sudan, the News Agency of South Sudan quotes Muthoka saying on Thursday. Apart from its Kenyan base KCB currently has presence in Uganda, Tanzania, Rwanda, and Burundi.

South Sudan's information and broadcasting minister, Dr Barnaba Marial Benjamin said the plans to have KCB branches across the country's ten states matches the SPLM vision of taking towns to the villages. He expressed satisfaction at the growth so far achieved by KCB in South Sudan saying the banking business has   has just started in the country and much more is still is expected. The minister said the country offers a suitable business climate and told local and foreign investors to take advantage of the free economic zone.

The minister for Finance in the Central Equatorial State,  Jacob Aligo appealed to KCB to embark on civic education campaigns to sensitise lopcals on the importance of opening accounts and saving inorder to benefit from loans. Simon Akuei, the secretary general of the Chamber of Commerce said the bank should extend its services into real estate.

KCB reported a 54 per cent jump in 2011 full-year profits to a record Sh15.1billion up from the Sh9.8billion reported last year. Net profit rose 53.5 per cent to Sh10.9billion up from Sh7.1bn the previous year as increased lending and income from fees and commissions outpaced the cost of doing business. KCB said all its subsidiaries returned a profit and combined added Sh1.3billion to profits.