CRDB mulls Nairobi branch to tap into expatriate market

Arusha. The CRDB Bank is exploring the possibility of opening a branch in Nairobi after successful operations of its first-ever foreign branch established in Bujumbura, Burundi, last year, it was announced here on Saturday.

The managing director, Dr Charles Kimei, told the bank’s annual general meeting that the Kenyan capital has a potential to be tapped given the big number of Tanzanian business community based in the neighbouring country.

“There are many Tanzanians engaged in businesses in Nairobi and various other parts of Kenya,” he said when he briefed shareholders, clients and staff on the expansion plans that are underway.

However, he noted that the bank would have to be prepared for stiff competition in the Kenyan market. Being the largest economy in the East African region, the country has a strong financial sector “with a bank to be found in every street.”

The MD said plans to open a branch in Nairobi followed pressure from Tanzanians living there and the local business community. “Over time, financial experts have been sent to assess the viability of CRDB having a presence there,” he said.

He said the Bujumbura option has been a success and that the branch was one of the most profitable with deposits and the number of clients rising steeply. “It was a wise decision to open a branch in Burundi,” Dr Kimei stated.

He hinted the possibility of the bank extending to other towns in Burundi such as Gitega, noting that there was a steady trade between Tanzania and the neighbouring country.

Dr Kimei also disclosed that the bank intended to open more branches, especially in major cities and expanding the existing ones.