DTB to close down six branches countrywide

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Diamond Trust Bank Kenya will close six branches in Nairobi, Eldoret, and Malindi from July as it seeks to reduce operational costs.

DTB stated in a notice on Friday that the branches that will be shut down are those that are within proximity to others, which will eventually have merged with substitute ones in their specific areas.

The Oval Digital Lobby and 9 West units in Nairobi will shut down on June 30 and consolidate with the Westlands Branch at the Westgate Mall.

Also, operations at the Garden City Mall move to Thika Road Mall branch in October as a result of reduced customer traffic due to the exit of South African retailer Shoprite.

The Eastleigh branch will be consolidated with the one at Madina Mall on October 30.

At the coast region, DTB Jamhuri Street consolidates with the Malindi branch, while in North Rift, its unit on Kago Street shifts to the Eldoret branch from July.

“The Central Bank of Kenya has approved an application by Diamond Trust Bank to consolidate its branches in certain locations within the country,” DTB stated.

“The staff in the affected branches will be redeployed appropriately to support other branches or business units within our network,” the Nairobi Securities Exchange-listed lender noted.

The lender recommends the use of alternative channels including mobile and online banking.

Banks have resulted in cutting down costs by closing ATMs and branches due to the economic difficulties and restrictions brought about by the Covid-19 pandemic.

Some banks have even furnished profit warnings such as NCBA, DTB, Cooperative Bank of Kenya, Absa Kenya, Standard Chartered Bank Kenya, and I&M Holdings.

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The Author of this Article is a registered Financial & Investment Analyst with Institute of Certified Investment and Financial Analyst. If your require more information Email: info@finsolutions.co.ke or +254 780216631

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