Barclays Bank of Kenya put on sale three closed branches for $650,000 as it moves to deepen its digital channels

One of  Barclays Bank of Kenya branches in Nairobi.
  • The closed branches — Bamburi, Maragua and Supplies — are now up for sale, as the lender move to deepen its digital channels to complement its branch network.
  • The bank says it believes a combination of strong relationships for affluent banking, optimised physical branch network and improved digital offerings will help enhance customer experience.
  • The lender closed the year with 85 branches, down from 91 in the previous year, marking another reduction in branch network.

Barclays Bank of Kenya is looking for a buyer for its three closed branches going for Sh65 million ($650, 000).

Information contained in the bank’s annual report for the period ended December 2018 shows that the closed branches — Bamburi, Maragua and Supplies — are now up for sale, as the lender move to deepen its digital channels to complement its branch network.

“A sale of the items had not been completed at the balance sheet date but the Bank expects a sale to be completed in the following year, 2019,” Barclays says in the report.

As at end of the period under review, the group recognised the named branches in its financial statements as non-current assets held for sale.

The lender closed the year with 85 branches, down from 91 in the previous year, marking another reduction in branch network.

The bank says it believes a combination of strong relationships for affluent banking, optimised physical branch network and improved digital offerings will help enhance customer experience.

“We continued to optimise and reform the physical branch network to reflect evolving customer preference,” Barclays says.

In 2017, the bank closed its Moi Avenue, Haile Selassie, Waiyaki Way, Kawangware, Rahimtulla, Nakummatt Meru and Wundanyi branches cutting its branch network from 96 to 89.

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