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NIC Bank to invest Sh57m in four new branches at coast

NIC

NIC Bank chief executive John Gachora. PHOTO | salaton njau

NIC Bank is set to invest Sh57 million to open four new branches at the Kenyan coast in the near term as part of its effort to grow its customer base.

The new branches will be established in Malindi, Watamu, Kilifi and Diani, doubling its network in the region to eight and raising it to 41 countrywide.

NIC says it is targeting deposits, asset finance, corporate and SME banking business from the tourism sector.

“We have acquired a significant customer base in the coastal region over the years and we see the potential of expanding our network by opening these fully-fledged branches,” NIC’s chief executive John Gachora said in a statement. “This is a region that has a lot of fast-growing businesses operating in various sectors.”

Mr Gachora said the bank plans to open a total of 10 new branches in the next few years.

READ: NIC Bank profit falls 3.4pc on bad loans stock

NIC is among the few banks opening branches as their larger rivals trim their physical networks on the back of increased adoption of digital delivery channels including Internet and mobile banking.