@Standard

Irony of expanding bank outlets amid massive layoffs - 12 months ago, 17 Apr 09:30

Otiato Guguyu

About 93 new bank branches were opened last year despite massive layoffs, migration to mobile-based technology and a shift to agency models, a new survey shows.

According to the Cytonn Investments 2017 Banking Sector Report, this year alone, National Bank has opened two new branches in Nandi Hills and in Kitale as it targets the expanding agribusiness sector.

NIC Bank,  on the other hand, has opened four new branches in Malindi, Watamu, Kilifi and Diani.

The report, released yesterday, says following 39 branch closures, more than 1,620 bank employees lost jobs last year in the financial institutions’ effort to contain costs while taking advantage of disruptions by the interest rate cap.

“With rising operating expenses in the sector and the expected reduced margins owing to the enactment of the Banking (Amendment) Act, 2015, 11 banks announced plans to downsize. Close to 1,620 bank employees were laid off and 39 branches ...
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