Regional bank reiterates its support to drive Kenya's trade and infrastructural development

Nairobi, Tuesday 8th November 2022: Stanbic Bank Kenya, a member of the Standard Bank Group has today reiterated its support for Kenya’s development through investments in trade and infrastructure as they officially launched its newest Nairobi Expressway branch, aimed at supporting users of the   Expressway. The launch took place ahead of the High-level visit from the Republic of South Africa and Business Forum organized by the Ministry of Investment, Trade & Industrialisation to discuss ways of unlocking trade and investment potential and deepening mutual cooperation between Kenya and south Africa.

Over the years, Stanbic Bank has created access to markets through concrete business opportunities by eliminating financial access barriers and easing the flow of goods and services through innovative technological solutions and transaction capabilities across Africa. However, according to the World Bank, trade in Africa remains highly underexploited, accounting for only 12% of all economic activity in the region. Moreover, cross-border trade is highly dependent on roads, so road networks across markets must be in great condition. 

Speaking during the event, Hon. Moses Kuria, CS Ministry of Investment, Trade & Industrialisation, reiterated the government’s commitment to creating an enabling environment that will facilitate trade and industrialisation, including infrastructural development in the country. Public-private partnerships will be key in ensuring that the country’s developmental agenda is realised.
As part of the government’s initiative to increase the road network in Kenya, Stanbic Bank partnered with its client Mota-Engil to implement the Lot 15 & Lot 18 road construction projects worth KES10bn under the Kenya Roads Annuity Program within the Government of Kenya’s  Public-Private Partnerships (PPP) framework. Further, the bank has partnered with the Kenya Ports Authority towards kick-starting the Lamu Port operations to realise the LAPSSET corridor vision by financing port equipment worth USD103 million.

Speaking during the opening of the Nairobi Expressway branch, Stanbic Bank Kenya Chief Executive, Mr. Charles Mudiwa spoke on Stanbic’s commitment to catalyse Kenya’s growth. He said, “At Stanbic, we are guided by our purpose that Kenya is our home; we drive her growth.  We take immense pride in our growing portfolio of milestones that are a catalyst to unlocking social and economic growth for this country. The opening of this branch is part of our commitment to serve our clients and meet the needs of the Moja Expressway users.”

Stanbic Bank Kenya is proud to have partnered with the government by providing financing and contract guarantees in implementing the Nairobi Expressway through a public-private partnership project. This project has revolutionised the face of Nairobi and created the efficient movement of people, goods, and services. 

Stanbic Kenya is a member of the Standard Bank Group which is the largest financial institution in Africa by Market capitalization, having an on- the-ground representation in 20 countries across Sub-Sahara Africa, operating five global financial centers and three offshore hubs making them one of the largest banking networks on the continent. The group recently celebrated its 160-year anniversary and 64-year heritage in Kenya. Stanbic’s unique presence across Africa and strategic partnership with Industrial and Commercial Bank of China (ICBC), has led to the facilitation of investment and development flows in Africa, access to international capital to facilitate growth and diversification.  

H.E Mr. Johannes Mahlangu, the High Commissioner of South Africa to Kenya , lauded the strong partnership that exist between Kenya and South Africa and emphasised that synergies between our two countries is important in enhancing bilateral trade relations for the benefit of our citizenry.

Patrick Mweheire the Regional Chief Executive East Africa, Standard Bank, lauded the achievements made by Stanbic Bank Kenya and expounded on Standard Bank’s capability in serving the continent. 
“Stanbic Bank Kenya continues to be an example of how much we can do in developing solutions by Africans for Africans. Guided by our strong network, infrastructure, and long-established relationships with clients across the continent, Standard Bank provides its clients with superior liquidity and settlement capability across board.
This is in addition to Stanbic Bank’s award-winning unmatched expertise in global markets, investment banking, our offering in transactional products and services, trade services, supply chain financing and investment services in Africa. 
The Standard Bank Group was the first to offer social loans in the South African Real Estate Investment Trust (REIT) and Real Estate Finance sectors through its partnership with Growthpoint Student Accommodation Holdings (RF) Ltd. Stanbic Bank Kenya supported the Acorn Project in developing the Qwetu students' housing in Kenya. The bank also acted as the global coordinator and co-lender to M-Kopa. Through this facility, M-Kopa has impacted about 3.7 million lives with modern, clean energy helping their clients avoid 2 million metric tonnes of Carbon Dioxide and unlocking USD. 500 million to the unbanked and underserved. These investments are part of the intentional engagements by Standard Bank in adhering to its Social, Economic, and environmental (SEE) agenda.

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For more information, please contact:
Catherine Njoroge, External Affairs, Reputation & Communications, Senior Manager
Tel: +254 (722) 664 992 | Fax: +254 (20) 310601 | Email: [email protected]  |
For further information, go to www.stanbicbank.co.ke
 
Issued by Africa Practice
On behalf of: Stanbic Bank Kenya
 
Notes to Editors:

About Stanbic Bank Kenya
Stanbic Bank Kenya is a member of the Standard Bank Group, Africa’s largest bank by assets.
Standard Bank Group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. Standard Bank Group has direct, on-the-ground representation in 20 African countries.

With a solid foundation in Kenya and history spanning over 64 years, Stanbic is one of the top banks operating in Kenya focused on fostering her socio-economic growth, with a branch network across the country providing services to individuals, businesses and commercial clients. 

Stanbic Bank Kenya provides the full spectrum of financial services. The Consumer and High Net-worth division Stanbic Bank continue to serve the people of Kenya with a range of personal banking products and solutions. Stanbic Bank also offers Wealth services and product offerings, including insurance, investment, fiduciary, bespoke banking and multi-generational wealth preservation solutions to high-net-worth individuals, retail, business, commercial, and corporate clients across the Bank’s footprint.

Its Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to investment banking; global markets; and global transactional products and services. Stanbic Bank’s Corporate and Investment Banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in oil, gas and renewables, power and infrastructure and agriculture.

With regard to Business and Commercial unit, Stanbic Bank Kenya offers banking and other financial services to medium-sized enterprises and high value small businesses. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.