[2008-07-03]  CFC-Stanbic Bank set to launch Internet banking
CFC-Stanbic has opened a branch in Marshalls House, Harambee Avenue, bringing its network to 12 branches.

Director of Personal and Business Banking Billy Lynch said the move signals the start of the Bank’s growth strategy to provide services to personal, business, corporate and investment banking customers.

It also coincides with plans by CFC-Stanbic, the fourth largest bank in the country, to launch internet banking services, increase Automatic Teller Machine coverage and make money gram payment facility available throughout all its branches.

"The branch marks our first milestone in delivering on the commitment we made during the merger to be the leading emerging market financial services provider," said Lynch.

The bank now plans to open additional branches in Nairobi, Mombasa, Kisumu, Nakuru, Eldoret, Thika and Mtwapa.

CFC-Stanbic is the latest entrant in the banking industry, formed following takeover of Stanbic Bank Kenya Limited by CFC Bank, the largest merger yet in the financial sector.

Following conclusion of the merger deal, South African based Standard Bank Group now has a 60 per cent share holding in CFC Bank, a listed company. CFC Stanbic thus expected to leverage on the financial strength of Standard Bank Group.

Listed at the Johannesburg Stock Exchange (JSE), the Group is a regional banking force with 709 branches in South Africa and 306 in the rest of Africa.

In addition to its banking operations, Standard Bank Group enjoys a strategic interest in the insurance industry through its control of Liberty Life, one of Africa’s leading life offices and financial services groups.

Last year, Standard Bank Group had total assets of US$ 175 billion (Sh11.2 trillion) and employed more than 48,000 people worldwide. Its market capitalisation as at April this year was $18.6 Billion (Sh 1.19 trillion).


Source: © 2008 Standard Group