Stanbic Bank Kenya is planning to expand its branch network through the acquisition of a local bank, according to Standard Bank in Johannesburg.
The bank’s director of Business and Personal Banking in Nairobi said the bank was searching for a local bank to buy to implement the strategy.
The National Bank of Kenya is among the banks Stanbic is looking at, but the bank has yet to make a formal application.
The bank has already opened an additional branch.
Recently, the bank launched Value Transfer Services, a product that enables organisations to transfer money to and from Southern Sudan. The bank also introduced Collect Plus which offers secure cash and cheque collection to its clients.