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DTB eyes SMEs with second Eldoret branch

A CUSTOMER AT A DIAMOND TRUST BANK (DTB) ATM MACHINE.FILE PHOTO | SALATON NJAU | NMG
A CUSTOMER AT A DIAMOND TRUST BANK (DTB) ATM MACHINE.FILE PHOTO | SALATON NJAU | NMG 

Diamond Trust Bank #ticker:DTK has opened a second branch in Eldoret town amid an expansion plan aimed at wooing more customers.

Kennedy Nyakomitta, the lender’s Head of Business Development, said the bank is eying the Small and Medium Enterprises (SMEs) sector in the region by offering tailored services.

“Due to increasing demand from the business people, we have decided to open another branch to serve our clients. We want to work with business people and farming community help in growing their businesses as our long-term strategy to dominate the market,” he said.

Mr Nyakomitta added that they were also keen on expanding their digital services such as DTB hub.

The new branch, located along Kago Street, raises the total number to 64 across the country.

The bank has a total of 130 branches spread across Kenya, Uganda and Tanzania.

Raise market share

Chief executive Nasim Devji said the lender is strategising on how to increase its market share.

“DTB continues to grow and expand its footprint in Kenya and is expected to open a few more branches and state-of- the-art digital lobbies within this year,” Ms Devji said in a statement.

DTB’s market share has risen to 6.44 per cent, becoming the sixth largest bank in Kenya following the buyout of Pakistani lender Habib Bank.

The NSE-listed bank had a market share of 6.1 per cent while Habib’s was 0.34 per cent as at December 2016, according to Central Bank of Kenya (CBK) data.

Despite the acquisition, DTB says customers of Habib Bank will continue to transact at its six branches countrywide.

Rebranding and integrating Habib into DTB’s systems is expected to be complete by September this year.

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