BANK NEWS

Prime Bank is once again at the forefront in revolutionizing the banking sector with the launch of its latest unique and innovative service – “Bank on Wheels”.

Bank on Wheels is a comprehensive and secure banking experience which will offer banking services for to select customers at their convenience, through a specially designed truck.

The Bank on Wheels will work as a mini branch enabling cash deposits and withdrawals, cheque deposit and account enquiry. Customers can also receive statement of account. Customers can use the Cash Deposit Machine (CDM) in the vehicle, to deposit cash into their account in real time, without visiting a branch anywhere within the city during the specified working hours.

The Bank on Wheels was flagged off at Prime Bank, Head office, Riverside Drive by Dr. Habil Olaka, Chief Executive Officer of the Kenya Bankers Association(KBA) and Mr. Nicholas Nesbitt, Chairman of Kenya Private Sector Alliance (KEPSA).

Speaking on the occasion, Dr. Olaka, lauded the Bank for its initiative in creating efficiency in CIT services and offering value added services to their customers.

Mr. Nesbitt of KEPSA congratulated the Bank for the innovative service launched by the Bank, which will be a boon to customers whose businesses are cash intensive.

On this occasion, the Managing Director Mr. Bharat Jani said “the innovative concept aims to take the bank services closer to its customers’ business premises such as supermarkets and fuel stations to make banking convenient and efficient. Business segments such as supermarkets and other retail outlets which deal with large sums of money will find the service very useful as the bank is now being brought to their doorsteps.” He added that as part of the digital initiatives, the Bank had already installed a smart ATM at Diamond Plaza and one more smart ATM will soon be operational.

Prime Bank has announced acquisition of Tausi Assurance Company Limited.

The successful takeover will see Prime Bank gain 80.7per cent control of the insurance solutions provider.

Commenting on the acquisition, Managing Director Mr. Bharat Jani noted that the strategic partnership will scale up to enable customers enjoy a wide range of insurance solutions through the Bank’s network.

“This merger has strategically position the Bank to take advantage of growth of insurance industry with the aim of ultimately benefiting our stakeholders,” he added.

Established in 1992, Tausi Assurance Company limited is committed to providing individuals and businesses with a wide range of general Insurance products to protect the things they value most.

The insurance provider offers, Industrial all risks, Fire and Allied perils, Consequential Loss and Business Interruption, Engineering, Burglary, Marine, Contractors All Risks, Workmen’s Compensation, Public Liability, Group Personal Accident, Political Violence and Terrorism, Money, Fidelity Guarantee, Domestic Package, Motor, Personal Accident and many more.

The acquisition was completed upon receipt of necessary regulatory approvals from the Central Bank of Kenya and the Insurance Regulatory Authority of Kenya.

Prime Bank through its partner First Merchant Bank Group ( FMB Group) successfully acquired 52 per cent majority shareholding in Afcarme Zimbabwe Holdings (Pvt) Limited, the holding company for Barclays Bank of Zimbabwe Limited (BBZ) from Barclays Bank PLC (BBPLC).

The acquisition gives FMBCH in charge of the bank with Barclays Plc retaining 10% stake, employees through an employee share ownership trust (15%) and 33% will remain listed on the Zimbabwe Stock Exchange.

Last year, Barclays Plc announced its intention to divest from the local operation. It had 68% shareholding in the bank.

In 1995, First Merchant Bank (FMB) was founded as a joint partnership between the FMB and Prime Bank. FMB became the first private bank and was granted the third ever banking license in Malawi.

In 2009, to raise capital and ensure good governance and transparency, the bank listed on the Malawi Stock Exchange with 10% of its net shares being offered to the public.

Over the years, FMB has grown its South African Development community(SADC) footprint to serve its customers’ cross-border banking needs in the sub-Sahara region. FMB has acquired five subsidiary companies, which together, form the First Merchant Bank Group (FMB Group).

Member companies of the FMB Group include the following:

  • Acquired 38.60% shareholding in Capital Bank – Gaborone Botswana in 2008
  • Acquired 49% shareholding First Capital Bank Limited – Lusaka, Zambia in 2013
    • In 2013, FMB acquired 70% shareholding Capital Bank Limited – Maputo, Mozambique – FMB maintains.
    • In 2017, wholly bought out Opportunity Bank of Malawi.
    • In 2017, FMB Group successfully acquired majority shareholding in Afcarme Zimbabwe Holdings (Pvt) Limited, the holding company for Barclays Bank of Zimbabwe Limited (BBZ) from Barclays Bank PLC (BBPLC).

Prime Bank and Tausi Assurance in partnership with Kings Collections sponsored a Charity Golf Tournament at the Vet Lab Sports Club on 24th February with the aim of raising funds to enable elderly patients receive free cataract operation.

Through this project, over 18,000 free cataract operations have been undertaken in Kisumu, Kisii, Nyamira, Siaya, Migori, Uasin Gishu, and Nandi Counties since its inception.

The Rotary Club of Nairobi has been running the Kenya Rural Blindness Eradication Program that performs cataract operations to the less fortunate in the society for the past 30 years.

Over KShs.900,000 was raised through the charity tourney.

Meanwhile, the 2018 Prime Bank Visa Golf Card Series kicked off at the 9-hole, par-70 Nyanza Golf Club, on the shores of Lake Victoria on Saturday 17th March.

The tourney attracted 60 golfers drawn from hosts Nyanza, Kakamega, Nandi and Kisii.

Joseph Atito won the tournament by posting a total of 40 stableford points while Heronim Ikhohoro took the overall runner-up prize with 39 points. Eliud Siganga took the second runner-up prize while Raju Bhayani won the guest prize.

The one-day tournament, marked the kick off of the 4th edition of the series, will also be held in 6 other golf clubs across the country in the course of the year.

This is the second time Nyanza Golf Club has hosted the Prime Bank Visa Golf Card Tournament- a nationwide golf series aimed at popularizing the Prime Visa Golf Credit Card amongst golfers in the country.

Prime Bank Assistant General Manager Suresh Sheth, presents a golf bag to Joseph Atito, the overall of the 2018 Prime Bank Visa Golf Card Series Kisumu Edition.

Raju Bhayani receives his prize from Prime Bank Head of Marketing, Michael Laxmi.

Prime Bank team receive a certificate of appreciation from Nyanza Club Vice Chairman Geoffrey Obuon(right)

Executive Director Mr. Amar Kantaria addressing golfers during the during the prize giving ceremony after the Rotary Charity Golf Tournamnet.

Mr. Michael Laxmi receives an appreciation plaque from Rotarian Dr. Joe Wanjui.

PRIME BANK OPENS 18TH BRANCH IN GARDEN CITY MALL

The branch operates as follows:-
Monday to Friday – 09:30am to 4:30pm
Saturday – 09:30am to 2:00pm
Sunday – 11:00am to 2:00pm

Prime Bank Partners With PROPARCO

Prime Bank is pleased to announce that PROPARCO, the French Development Financial Institution (DFI), has extended the Bank credit facility of USD 15m (Kshs. 1.33 billion) to support long term funding to its clientele.

The facility will enhance Prime Bank’s capacity to grant long term lending in both local and foreign currency . Created in 1977, PROPARCO is partly held by the Agence Française de Développement (AFD) and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO has a high level of requirements in terms of social and environmental responsibility.

This partnership will foster long term investment, a driver to economic growth and employment. Prime Bank is a fast growing Medium size Kenyan Bank with an asset base of over Kshs. 54 Billion and a network of 17 branches across the country. It has also expanded regionally by shareholding in First Merchant Bank, Malawi, Capital Bank , Botswana and First Capital Bank in Mozambique and Zambia.

Prime Bank staff underwent a three day fire marshal statutory training that took place in February 2015.

The training was not only part of Government requirement in every work place, but also aimed to make the bank a safer working environment.

The participants of the training were taken through a fire safety drill, relevant precautionary measures as well as fire fighting skills.

The training was conducted by Mr. Charles Agolla. Congratulations to the 35 new Fire Marshals at Prime Bank.

From left, Peter Kabi, Chief Manager Accounts ; Edward Burbidge, Managing Director Burbidge Capital; Bharat Jani, Managing Director ; Paras Shah, Coulson Harney; Vijay Kantaria, Director Business Development during the signing of the private placement at Prime Bank headquarters on Riverside Drive.

Prime Bank has raised Sh1 billion ($10 million) through private placement to help it expand its loan book for lending to Small and Medium Enterprises in Kenya.

Burbidge Capital acted as the arranger & placing agent and Coulson Harney as the legal advisors.

During the signing, Managing Director Mr. Bharat Jani said the Bank raised USD10 million issued through a private placement of 5.5 year USD denominated notes representing a 100% subscription rate.

“The 5.5 -year bond will be raised in tranches with the proceeds going expansion and strengthening the bank’s capital base,” he added.

Mr.Jani added that the bank plans to use the funds to support its future expansion plans.