Category Archives: Stanchart

Standard Chartered SME Club

On Thursday evening, Standard Chartered Bank launched an SME capacity building program as part of a partnership between the Bank, Kenya Association of Manufacturers (KAM), the Kenya Investment Authority (KenInvest) and the Institute for Small-Business Initiatives at the Strathmore Business School.

Standard Chartered Bank’s Head of Retail Banking, Mr. David Idoru, noted that the Bank’s strategy in opening a relationship club for its business clients was in line with its Business Banking Recognition Program that aims at growing its clienteles’ businesses through the Bank’s networks and partners. Also that Standard Chartered affirmed that it would be increasing its lending to SMEs by over Kshs 12 billion over the year (It’s loan portfolio as at December 2016 was Kshs 122.7 billion).

Members will get a 20% discount when they enroll in entrepreneurship classes at Strathmore and also get a chance to network with other SME’s in China, Malaysia and Singapore.

Standard Chartered Kenya launches Video Banking

Standard Chartered launched video banking in Nairobi today. Already used in Asia, Kenya will become the first of their banks in Africa to roll out the service to its customers.

Standard Charted is currently Kenya’s 5th largest bank by assets, and has been in the country since 1911 and serves retail, corporate and institutional clients. CEO Lamin Manjang spoke of their “digital by design” investments, in which they use technology to enhance customer experiences while improving on the banks’ cost efficiency. He said “ Almost all transaction done at the branches are available through other means” and listed recent innovations they have done including – upgraded their platform, a new mobile banking app, fingerprint login, ATM’s that accept cash deposit ATM, and now video banking.

Whether in Singapore or Malindi, customers will be able to have secure video chats with agents located at the banks’ headquarters in Chiromo, Nairobi, share screens, exchange documents, do their banking and get advice, especially on investment and wealth management products and services. It is available to all customers, Monday to Friday from 9 a. to 6 p.m. Video banking is currently only on desktop computers, but they plan to extend it to mobile devices in the future.

The chief guest was the country’s  Cabinet Secretary for Information, Communications and Technology , Joe Mucheru, who spoke on the government’s new cyber security bill as he urged banks and companies to invest in backups of critical data, upgrade their operating systems and anti-virus software and use of cloud services. “If you’ve gone through the agony of ransomware, investing in backups is not a big issue.”

Growth Crossings: Africa Rising?

Excerpts from the Economist Events #GrowthCrossings dinner in Nairobi this week.

growthcrossings-nairobi

  • China grew by exporting to the world, Africa is rising by buying products – Abiola Olaniran
  • There are 1 trillion cash transactions in Africa that can be financially included through partnerships & technology – Sanjay Rughani
  • In two years, the unbanked African population has dropped from 54% to 46% – Sanjay Rughani
  • An ADB study found 3 drivers of Africa growth to be demographics (young urban population), climate change, and digital leapfrogging – Donald Kaberuka
  • A mobile network is many things in Africa, and Safaricom will be an ecosystem for others to succeed e.g in health, education, energy – Stephen Chege.
  • E-commerce is driven by high volumes, consistent delivery, and consumer protection – this takes a lot to succeed in Africa –  Sanjay Rughani.

Kenya Bank Rankings 2015: Part I

Ranked by assets (and placing in 2014)

1 (1) KCB [Assets of Kshs 467 billion ($4.59 billion), and profits of Kshs 23.44 billion ($230 million)]

2 (3) Equity Bank

3 (2) Cooperative

4 (4) Barclays

5 (5) Standard Chartered

6 (7) CFC Stanbic Bank

7 (6) Commercial Bank of Africa

8 (8) Diamond Trust

9 (10) NIC

10 (9) Investment & Mortgages

==

Two banks in the news over their FY 2015 results

11 (12) Chase: Assets of Kshs 143 billion ($1.4 billion), and a pre-tax loss of Kshs 1.1 billion ($10.8 million)

12 (11) National: Assets of Kshs 125 billion $1.22 billion) and a pre-tax loss of Kshs 1.68 billion ($16.5 million)

$1 = Kshs 102

 

2011 Kenya Bank Rankings Final Word

Local banks rules, but KCB holds off Equity

The top local Kenyan banks as at December 2011, ranked by assets are:

6 (6 last year) CFC Stanbic Bank: Steady assets of Kshs 140 billion ($1.7 billion) and profit of Kshs 3.1 billion ($38 million)

5 (4) Standard Chartered: Assets up 15% to Kshs 164 billion , and profits went up 8% to Kshs 8.25 billion. Deposits grew 22%, and loans went up 48% as they halved their government securities to Kshs24 billion. (Barclays & KCB also reduced their government securities positions compared to December 2010)

4 (2) Barclays: Drop from 4 to 2, but still have the best return on assets at 7.18% on a slightly smaller asset base of Kshs 167 billion. Profits went up 11% to Kshs 12.01 billion, and loans went up 14%, but there was no change in deposits.

3 (3) Cooperative: Was leap-frogged by Equity Bank, but gained a place thanks to shrinking Barclays. Steady but slow growth as assets grew by 9% to Kshs 167 billion, deposits grew by 15% and profits by 11% to Kshs. 6.16 billion as the bank still seeks to move beyond the cooperative sector.

2 (5) Equity Bank: Leap from No. 5 to 2 after reporting assets of Kshs. 177 billion and profits of Kshs. 12.1 billion, signifying growth of about 32%. for each. The years of annual 100% growth are over but as John Staley the Director of Mobile Banking and Payment Innovations, told attendees at HP leadership event dubbed Staying Ahead of the Pack, the bank has grown ten-fold every five years leveraging on technology and always with the mission to provide affordable financial services which they now plan to take beyond Uganda and Sudan.

No.1 (last year No. 1) KCB assets of 282 billion ($3.45 billion) and profit of Kshs. 14 billion ($172 million) KCB remains at number and matched Equity, growing deposits by 29%, loans 31%, and profits by 22%.