Barclays Bank Kenya has announced that it will close down seven of its branches in the country, in a move aimed at cutting costs.
According to an internal memo sent to staff by the Chief Executive Jeremy Awori, the seven branches will be closed effective October 1 and their operations merged with other nearby branches.
The branches that will be affected include; Moi Avenue, Haile Selassie, Waiyaki Way, Kawangware, Rahimtulla, Nakummatt Meru and Wundanyi bringing down Barclay’s branches to 89 down from 96.
Mr. Awori attributed the decision to a “change in customer’s needs”, saying consolidating some of the branches would strengthen operational efficiency.
The fate of employees in the affected branches is uncertain although the memo said that “they would be redeployed based on available opportunities and matching competency skills”.
Late last month, the bank announced it would part ways with 130 staff through a voluntary early retirement scheme. The bank is part of Barclays Africa, where majority owner Barclays Plc is reducing its stake.
Barclays To Exit The African Market
Last month, Barclays Africa announced plans to sell shares worth Sh298 billion (R37.7 billion) in Barclays Africa Group as it steps up efforts to exit the African market.
The Kenya Commercial Bank (KCB), Bank of Africa Kenya, Standard Chartered, Ecobank, Family Bank, Sidian, and the First Community Bank are some of the banks that have in the recent past announced the retrenchment of their staff.