DTB set for move to new Sh700m tower

Diamond Trust Bank is set to move to a new Sh700 million office block along Nairobi’s Mombasa Road by the end of this year.

The bank, which currently occupies four floors at the Nation Centre, has bought a building opposite Airtel headquarters.

“DTB has invested in a new corporate headquarters in Nairobi. Presently, the property which is located along Mombasa Road, is being fitted out for occupation by the fourth quarter of this year,” said Abdul Samji, the bank’s chairman in the annual report.

The lender’s financial statements show the group spent a total of Sh1.2 billion on “property and equipment” during the year.

DTB has regional operations in Uganda, Tanzania and Burundi, with Kenya being its headquarters.

The move away from the city centre follows a trend by other financial services firms like KCB, Barclays Bank, Standard Chartered Bank, Britam, Equity Bank, and Commercial Bank of Africa that have or are in the process of relocating.

Barclays and Standard Chartered have relocated to Nairobi’s Waiyaki Way while the others have moved to Upper Hill with KCB constructing its 22-storey office tower next to Equity Centre at a cost of Sh2.1 billion.

The Nairobi Securities Exchange has delayed its decision to move to Westlands to end of June, having announced earlier intentions to relocate by end of March.

With increase in population and economic activity the central business district has become congested by people and traffic, forcing firms to relocate.