KCB promoting cross border investments—EAC

The East African Community (EAC) has hailed Kenya’s banking giant for promoting cross border investments, as a common market tool.The Deputy Secretary General of the EAC in charge of Planning and Infrastructure, Alloys Mutabingwa said that the Kenya Commercial Bank (KCB) Group investments in the region are efforts towards the bloc’s integration process. KCB has operations in four EAC partner states and plans to open branch in Bujumbura before the end of the year, making it a truly East African bank. Last week, the financial institution also cross-listed it shares on the Rwandan bourse, making it the first company to cross-list shares in the country. It also trades it shares in other EAC country’s where it operates. “KCB’s presence in Kigali is a testimony to the practical implementation of the EAC Treaty,” he said. He continued that the partner states agreed and are providing the enabling environment for the private sector and the civil society to take full advantage of the Community. Mutabingwa who visited KCB Rwanda last week said that the EAC Secretariat was committed to promoting constant dialogue with the private sector with the view to help create an improved business environment in the region. “The dialogues would also provide opportunities for entrepreneurs to participate actively in improving policies and activities of the community’s institutions,” he explained. Mutabingwa also commended the KCB Group for taking the right business risk, for its favourable interest rates and high impact branding techniques. The KCB Rwanda Managing Director, Maurice K. Toroitich said that the decision for the Group to consolidate EAC as a single market is therefore timely and will benefit the East Africans as a whole. “The easy access to policy makers, the willingness to assist, and the general warm reception at the investment centres are indeed the unique selling points of doing business across the region, he said. Toroitich however urged the EAC Secretariat to actively take the lead in improving the business environment by removing barriers to trade and investments in the region. KCB Rwanda has attracted over 2,000 clients in its six months of operation. The bank has been given a green light by the central bank to open six branches countrywide. Ends

News

KCB promoting cross border investments—EAC