Feature of the week:
StanChart Partners with Firms on Co-shared Space Banking
- Standard Chartered bank has started partnering with firms to host its branches with an aim to grow its physical presence while lowering costs
- The bank has partnered with Artcaffe owing to its considerable presence in the country (50 outlets) and has opened 3 new branches in the restaurant’s Nairobi, Isiolo and Nanyuki outlets
- StanChart is set to include more firms in the space co-sharing model.
- According to the bank, customers prefer a non-traditional approach to banking – preferring to take their coffee or food while carrying out the transactions
- Services offered include sales and advisory services, self-service support such as ATMs. electronic cheque and cash deposits
- We note that the bank has been focused on reducing branch network in the recent past as part of its digitization plan
- We opine that the partnerships will see the bank’s services be more accessible to its customers while leveraging technology to enhance cost optimization
Equity Market Commentary:
The All Share Index (NASI) and the NSE 20 edged up by 1.7% and 0.9% w-o-w to close the week at 162.77 and 1,856.44 respectively. Equity turnover rose by 10.8% to KES 4.0 billion while the volume traded grew by 4.3% to 106.3 million. Notable price gains in the week included; KCB (5.1% w/w to KES 43.25), KenGen (3.5% w/w to KES 4.49), Co-op (3.4% w/w to KES 12.20) and NMG (3.0% w/w to KES 18.90). Safaricom’s price rose by 2.0% w/w to KES 37.80. We note that globally concerns over the Omicron variant are easing. Locally, concerns remain on the depreciating Kenya Shilling. We expect investor focus on the same in the coming week.