Markets & Finance

Ecobank moves head office to Westlands on selling CBD building

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Ecobank Kenya managing director/regional executive, Sam Adjei. PHOTO | COURTESY

Ecobank on Monday began moving its head office from the city centre to Westlands after selling the multi-storey building near City Hall.

The Togo-headquartered Ecobank Transnational Kenya’s office has been based at the Muindi Mbingu street building, previously called Fedha Towers, since it bought 75 per cent stake of East Africa Building Society owned by the Lalit Pandit family in mid-2008.

The building now called Ecobank Towers has been sold according to insiders but no details were available on the price or buyer.

“We are pleased to inform you that beginning January 16, Ecobank’s head office will commence its relocation from Ecobank Towers, Muindi Mbingu Street to Fortis Office Park, Muthangari Drive, Off Waiyaki Way, Westlands,” the bank said in a public notice Monday.

The bank joins several other lenders who have moved in the past from Central Business District (CBD) due to congestion.

However, the main branch on the ground floor of Ecobank Towers will remain operational.

The Pan-African bank has operated in the Kenyan market for the past eight years and turned profitable in 2015.

It recorded a full-year profit after tax of Sh90.3 million backed by growth in commissions.

Its 2016 half year profit grew to Sh54.6 million from Sh40.2 million recorded the previous year.

In October last year, the bank revamped its mobile banking platform to serve and grow its customer base and announced it was closing nine branches.

They are Chambers, Embakasi, Thika Road Mall (TRM) and Gikomba in Nairobi, Ongata Rongai in Kajiado County, Meru, Kitale, Busia and Malindi branches.

The bank also boosted its alternative channels such as Automated Teller Machines, points of sale, Internet banking, and credit and debit cards.

“We are focusing more on innovation and technology for delivery of our products and services to our customers in an easy and convenient way whatever and wherever they are,” said Ecobank Kenya managing director/regional executive, Sam Adjei.

The bank has restructured its regional clustering, combining eastern, southern and central Africa under one cluster headquartered in the Fortis Park in Westlands.

The other regional offices for the bank are in Nigeria and Ghana. The bank has a presence in 36 African countries.