Daimond Trust Bank held their AGM at the Serena Hotel this morning. The uneventful meeting was held in a very cold room, which may have contributed to the short meeting time of 30 minutes excluding shareholder questions.
– Pay more dividend – Join other companies in the Aga Khan Portfolio (Jubilee, Nation Media, Serena) and pay a more liberal dividend somehow.
– Increase share capital: Bank said they have increased Tier II capital to support expansion and board is also looking for more avenues of capital.
– Not enough Nairobi branches to serve customers: The Bank plans opening another city branch as well as one in Zanzibar to go with recent ones in Dar es Salaam and Arusha. Also they have partnered with pesa point who have put up almost 120 ATM’s.
– Few tellers at Nation Centre Branch. Bank has plans to refurbish that Branch, and also Kengen IPO was blamed for the recent congestion there.
Goodies – Bila’s Having no bags or gifts is one way to cut down on attendance, Snacks were offered after the meeting, but patience is not a virtue among shareholders – those at the back of the line found all the samosas and snacks in the hands of those who were first to get served – kind of like the 2005 Total AGM. They probably added more food later but I had to bounce – don’t think I’ll be back next year cheap mo fo’s. At least the press got a one page handout from a PR firm explaining the bank’s profitability and regional expansion plans.