SBM Bank Kenya Ltd plans to close three branches and two express units as it scales up its digitisation strategy. Several jobs are at risk in the latest round of cuts and closures at the lender following a job evaluation exercise.
According to the bank, “It has reviewed its organization structure into a fit-for-purpose structure which is to be implemented in order to realize its current and future strategic objectives while optimizing its digital banking solutions.”
The three branches include Lavington, Buru Buru and Kimathi and their express units in Limuru and on Ngong Road.
“The impacted branches will cease operations by close of business 29th October 2021. Normal banking services at the receiving branch will resume effective Monday 1st November 2021,” the lender said in an emailed statement.
Lavington Branch will be merged with ABC Elite Branch, Buru Buru Branch customers will get services from the Donholm Branch located at East Gate Shopping Mall, outering Road. On the other hand, Kimathi Branch will be merged with Corner House Branch located at Corner House, Kimathi Street. SBM Xpress Limuru Road will be merged with Diamond Plaza Branch located at Diamond Plaza, 4th Parklands Avenue and SBM Xpress Ngong Road will be merged with Kilimani Adlife located at Adlife plaza, Kilimani.
“At SBM Bank Kenya we plan to leverage on the growing mobile usage in the country to offer digital products that will make banking for our customers more efficient and convenient,” said Moezz Mir, chief executive of SBM Bank Kenya in a statement.
In 2020, it closed 5 branches located in Nairobi and Mombasa cities.
The bank is owned by SBM Holdings Ltd based in Mauritius (SBM Group-majority owned by the government of Mauritius and associated entities).
It entered the Kenyan market through the acquisition of a majority stake in Fidelity Commercial Bank Limited.
