Barclays Bank of Kenya to Shut Down 7 Branches

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Barclays Bank of Kenya (BBK) has announced plans to close seven of its branches effective 1 October 2017.

The closure, attributed to the result of a business optimization exercise by the bank to review its operational efficiency, comes in the backdrop of the recently introduced law capping interest rates in Kenya which are having far-reaching effects on business profitability and the 2016 announcement of the planned sale of London-based Barclays PLC’s Barclays Africa outfit.

“We are reviewing the structure and operation of our business to deliver superior service to our customers and value to our shareholders,” Jeremy Awori, Managing Director, Barclays Bank of Kenya said.

The affected branches are Wundayi, Nakumatt Meru, Moi Avenue, Haile Sellasie, Kawangware, Rahimtulla and Waiyaki Way.

The operations of these branches will be relocated to nearby branches with affected customers getting an opportunity to choose any other branch where they would prefer to have their accounts hosted.

BBK reiterates that the move will not create redundancies, explaining that employees will be redeployed on the basis of available opportunities, matching competencies and opportunities created by the ongoing Voluntary Exit Scheme.

The Bank introduced the programme in June 2017, one of the several commercial banks in Kenya to do so in recent weeks.

 

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