Money Markets

Equatorial Bank changes tack after merger hiccups

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PHOTO | FILE Mr Sammy Itemere, head of Equatorial Commercial Bank.

Equatorial Commercial Bank managing director Sammy Itemere: We are on track. Photo/FILE  NATION MEDIA GROUP

By MOSES ODHIAMBO  

Posted  Wednesday, September 18  2013 at  18:35

In Summary

  • Equatorial in 2010 merged with Southern Credit Bank to create ECB under the Sameer Group, losing some customers in the process.
  • The bank has since initiated a rebranding and management strategy to improve customer service.

The Equatorial Commercial Bank says it has gone past merger hiccups and embarked on a drive to enhance market presence.

Equatorial in 2010 merged with Southern Credit Bank to create ECB under the Sameer Group, losing some customers in the process.

The bank has since initiated a rebranding and management strategy to improve customer service.

Managing director Sammy Itemere said that the merger fallout hurt the bank, but added it was a learning period.

“We are back on track. Our priority is to re-engage with clients to redeem the lost contacts in order to rebuild the brand,” he said.

ECB chairman Dan Ameyo said after the merger the bank was planning “to re-establish long relationships and partnerships with our clientele, associates and business support systems.”

ECB has established an Insurance Brokerage, ECB Insurance Brokers Ltd and other products to increase the range of services.

“We are offering the best options for products around claim settlement, medical cover, contractor all-risks cover among other operational principles that would make us grow,” said Mr Itemere at a cocktail in Kisumu. He said the county governments present high potential for banks especially funding tenders in road construction, asset financing, supplies and service provision.

The bank will soon re-launch its Senator prepaid cards and other credit lending facilities.

Mobile banking

“We have also embarked on a foreign exchange system that will aid customers even during volatile times in the market; this will include the exchange for Indian rupee, African currencies that are not provided universally and other forex,” he stated.

He said the bank had finalised its Internet and mobile banking platforms to get an edge in the international market.

“We are working on other unsecured products for people in employment beyond asset-financing which has already laid strong ground in the Kenyan market,” said Mr Itemere.

The bank has opened more branches in Kakamega, Kisumu, Eldoret, Nakuru and Mombasa.