SBM Bank Kenya to Close 5 Branches in Mombasa and Nairobi

SBM Bank Kenya Ltd is rationalizing its branch network in Nairobi and Mombasa cities.

The rationalization will see 5 branches that are co-located or in close proximity closed effective 12 December.

“This review is necessary to rationalize our presence in different locations in line with current and potential client activity on one hand, and on the other hand the related services required,” the Bank said in an emailed statement Thursday.

Branches to be affected include Ngara Branch, Dagoretti Express, Lunga Lunga Branch, Jomvu Express, and Moi Avenue Branch – Mombasa.

However, the closure will not affect the availability of the bank’s services on alternate channels.

“Account holders in these branches will continue to enjoy uninterrupted services through the alternative branches,” SBM bank said in the statement.

The bank is owned by SBM Holdings Ltd based in Mauritius (SBM Group-majority owned by the government of Mauritius and associated entities).

In May the bank reported KSh66 million profit before tax for the first quarter of 2020 amid a 7.7 percent increase in operating income year-on-year.

In 2019, the Group operated 52 branches spread across the country with customer deposits valued at KSh 50.5 billion.