Monday December 11, 2017

CFC Stanbic Bank to open branch in South Sudan

stanbic bank kenya

NAIROBI –  The CFC Stanbic bank of Kenya has expressed an ambitious plan to open a branch in South Sudan in a bid to tap the East Africa’s virgin
market.
The bank said it will open a branch in the second half of the year after consulting with the Juba government on the modalities of their services.

CFC’s Chief Financial Officer Edwin Mucai said in a press briefing that CFC’s venture into South Sudan is to open a balanced level of competition with
other bankers already present in the republic, and to also strategically position the bank in the widely increasing banking market.

CFC’s investment in South Sudan is expected to be around $15 million dollars (SSP 50 million), released in instalments of $5 million (SSP 18 million) each.

CFC is also expected to invest in the vast South Sudan infrastructure projects. CFC Stanbic last year reported huge profit growth, which grew by about 16
percent, amounting to $18 million (or SSP 35 million), while the net interest income increased by 45.5 percent or $80 million (SSP 240 million).

Its with this growth that the banker believe will translate into success in South Sudan.

In another development, the Kenya’s cooperative bank and British America Investment Company yesterday announced plans to also open branches to

widen their regional presence in the world’s newest nation. The Cooperative bank said to establish a ‘Cooperative Bank of South Sudan’ in six months, after regulatory

approvals from the Juba government. Gideon Muriuki, the CEO of Cooperative Bank Kenya said, “The establishment of Co-operative Bank South Sudan as a joint-venture has been

approved by the government of South Sudan. We expect to play big in a region where investment is needed urgently.”

The British American Investment company is set to open a Juba branch before June this year. The three investors will join a growing list of foreign companies already

venturing to the untapped South Sudanese market, which have already seen Kenyan Commercial Bank (KCB) and Equity Bank making grounds.  

Civil wars prone South Sudan has recently broke away from the mainstream Sudan after 22 years of deadly civil war. The country had neither standing institutions nor proper infrastructure,

But the Republic is slowly recovering with investments pouring from every corner. Recently companies like East African Breweries Limited (EABL), UAP Insurance and
Kenya Airways and some other Kenyan companies started operations in South Sudan, while companies such as DT Dobie,

Uchumi Supermarket andNakumatt are planning to muscle their way into the South Sudan Market very soon.


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