DTB to shut down some of its branches by October 2021 as sales decline

Tier I lender Diamond Trust Bank (DTB) photo

 

Tier I lender Diamond Trust Bank (DTB) plan to shut six branches by the end of October to consolidate its physical presence as sales decline.


In a notice issued on Friday, the lender said it had obtained approval from the Central Bank of Kenya (CBK) to combine its branches.


“The DTB branch consolidation will affect locations where branches identified for the merger are co-located or near each other. The affected branches will cease operations with immediate effect,” DTB stated.


Among the branches set for closing include the Jamuhuri Street branch in Malindi, two in Westlands (the Oval & 9West), Kago Street branch in Eldoret, Garden City Mall and the Eastleigh branch.


The branches will be merged into five existing outlets including the Malindi Branch, Westgate Mall, Eldoret Branch, Thika Road Mall and Madina Mall.


DTB’s branch consolidation reflects an industry-wide trend as lenders turn to alternative banking channels for service provision like mobile and online banking.

Last year for example NCBA, Standard Chartered and SBM were among the list of banks that consolidated their branches count in a drive for better operational performance.

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