Imperial Bank launches 28th branch at the Westgate mall
An Imperial Bank branch in Nairobi. PHOTO | FILE
Imperial Bank, a Tier II lender, has launched its 28th branch at the Westgate shopping mall, which reopened recently.
The bank has also opened two new branches, one at Garden City Mall on Thika Road and the other at Lunga Lunga Square in Industrial Area, Nairobi.
“The new branches are a deliberate move to extend our market reach. We are also diversifying our products and improving service delivery through innovation so as to anchor the bank’s positioning in the industry and further enhance growth,” said chairman Alnashir Popat.
In a statement, Mr Popat said the bank remained optimistic about its current initiatives, which he said were largely driven by the lender’s customers’ needs.
The bank is also involved in various strategic growth initiatives which include plans to enter the Tanzanian market as part of its regional expansion strategy.
The bank has already established a subsidiary in Uganda. The institution has a total of 33 branches.
“This expansion is among the initiatives that have seen the bank join the medium tier league over a span of 23 years,” Mr Popat said. The banks said it had identified opportunities in the region which it is keen to exploit.
“We are seeing great opportunities in the region in the banking sector and a growing demand for players who deliver products not only through innovation but with value addition to customers,” Abdulmalek Janmohamed, bank’s group managing director.
Mr Janmohamed noted that the board of directors had approved the raising of additional capital through a Sh2 billion bond issue, whose proceeds would be used to further drive the institution’s growth strategy.
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