FAMILY BANK has embarked on an expansion drive, riding on emerging business opportunities in counties. It plans to open at least 10 new branches before the end of the year, adding to its network of 78 branches across the country. According to the bank’s Managing Director & CEO Peter Munyiri, the devolution path and emerging opportunities remain a key driver to the bank’s growth strategy.
He says the expansion is in line with the county banking roadmap aimed at optimising the devolved governance structure. The bank, which started as a building society in 1984 and converted into a fully-fledged bank in May 2007, is strategically expanding into new segments including counties. “We are keen to expand outreach by growing the service channels in strategic areas with focus. We rolled out six branches in the first six months and another ten are being progressed to expand our foot print to reach and serve more customers,” says Mr Munyiri.
The expansion is pushed by the desire to play in the top league in the next three years. The move is buoyed by the continued good performance by the bank. Last year the lender outperformed the industry recording an impressive 108% growth in pre-tax profit. “We are pegging our branch expansion plans on the opportunities in all the sectors in the country,” he observes.
“We are also leveraging our strengths and efficiency in our operating model by looking to opportunities of expansion to reach out to the unbanked populations.”
He said the banking model aims at gradually positioning the bank as a one stop-shop providing retail and consumer products, SME, agribusiness, corporate banking and trade finance as well as insurance.
