ABC Bank has secured certification as a Legal Entity Identifier (LEI) Bank by the London Stock Exchange. This makes ABC Bank among the first Banks in East Africa to obtain such status.
The certification comes ahead of the global enforcement of the European Market Infrastructure Regulation starting 1st January 2018.
The LEI regulation was introduced in May 2014 at the behest of the G20 countries after the global financial crisis of 2007-2008. LEI is a unique code used across the globe to identify organizations that engage in financial markets, and is intended to bring comfort of corporate identity, particularly in financial transactions.
The publicly available data pool serves as a global directory, which greatly enhances transparency in the marketplace. Besides enabling companies and regulators to identify parties to financial transactions instantly and accurately, it also benefits companies by improving efficiency and internal risk management.
“This certification is critical to ABC Bank because we are very active in the international financial markets, hence the need for us to be a recognized participant in the larger financial ecosystem even outside of East Africa. This will avail us new international business opportunities since prospective partners will easily and speedily identify us and transact. We believe this certification places us at great advantage vis-a-vis other banks for customers as we can reach a larger pool of counterparties and offer finer pricing for customers ” said ABC Bank General Manager for Treasury and Financial Institutions, Mr. Philip Wambua.
With the globalization of the financial markets, businesses across the world are grappling with the challenge of developing and implementing a common entity identification system that could serve as a game changer in identifying financial market participants. Once certified, a firm is included in a global data system that connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions in any jurisdiction.
“We believe that ultimately there should be one identity behind every business. Having an LEI will help to achieve this objective. We are on a journey to increase the rate of LEI adoption so that in the future, the Global LEI Index will capture an increasing number of entities engaging in financial transactions globally, providing a 360-degree view”, states the Global Legal Entity Identifier Foundation (GLEIF) website.
ABC Bank joined the world in celebrating Valentines Day by helping customers in the Diaspora to beat the geographical distance to touch their loved ones.
This is in line with the bank’s mission of empowering customers to achieve the extraordinary. It was also a demonstration of deep care for family values and relationships, which it shares with its customers.
Cynthia, a class six pupil in St. Bridgit Catholic Academy in Nairobi, was overwhelmed with emotion when the bank staff delivered gifts at her school on behalf of her mother Eunice who works in the Middle East.
“You mean she can still send me gifts even when there!”, Cynthia exclaimed, evidently surprised Cynthia exclaimed.
Ann, a spouse to one of our Diaspora customers, works at a public institution in the city. Her husband enlisted the help of ABC Bank. Fully aware of the distance and logistical conundrum, she was not expecting any gift from her husband. This was until our customer service team showed up in her office with a load of red-coloured gifts.
ABC Bank supported the Salessians of Don Bosco-Upper Hill during its recent ‘solemn transfer of the relic of St. John Bosco to the Shrine of Mary help of Christians’.
The bank’s donation of Sh100,000, given through the Industrial Area branch, was an affirmation of the value it attaches to relationships with clients, and is part of the continuous community relations initiatives.
ABC Bank has came to the aid of a bright student who was a top performer in the 2016 KCPE to enable her join high school.
Evelyn Mugure was admitted to Karima Girls High, a national school, but could not raise the fees to join the school to pursue her academic dream. ABC Bank stepped in and supported her financially to put her on the path to her dream.
While presenting the cheque to Mugure, ABC Bank Head of HR Lucy Wariara encouraged her to be resilient and to conquer the challenges ahead in order to excel and live the life she aspires to.
The donation is in line with the Bank’s corporate social responsibility policy which focuses on among other areas, educational development of needy yet bright students to empower them achieve the extra-ordinary.
The Kite Festival (Uttarayan) is a Hindu celebration which marks the beginning of summer, according to the Indian calendar. It is a signal to farmers that the sun is back and that harvest season is approaching. This day is considered one of the most important harvest days in India, and communities organize kite competitions to celebrate.
ABC Bank sponsored this year’s Kite Festival held in Kisumu on Sunday 15th. The bank joined the local Hindu community in the celebrations and utilized the opportunity to appreciate them for their business support.
Upendo Children’s Home was founded 10 years ago by a Kenyan couple residing in USA with an aim to provide shelter for the street children, orphans and the homeless.
The Diaspora Banking team led other ABC Bank staff in a visit to Upendo Children’s Home on Saturday, 7th January 2017 and started their year with a bang and lots of goodies!
The smiles tell it all!
Christmas is never complete without having Mbuzi Choma on our plates. ABC Bank Diaspora team hosted our diaspora customers, who are in town to celebrate the festive season with family and friends, for a “Mbuzi Choma Party” on 15th December at Upper Town Grill restaurant.
The bank organised the get-together meeting to interact with its Diaspora customer, strengthen the cordial relationship and identify opportunities for mutual cooperation.
Head of Diaspora Banking Joseph Waithaka hosted the customers.
ABC Bank is planning a week long marketing blitz to the world’s luxury capital-Dubai, in an effort to strengthen ties with its Diaspora customer base as well as create new relationships. The trip, from 11th to 17th December, will see the bank’s Diaspora banking team hold meetings with different groups of Kenyans living and working there.
The meetings will be at Transguard accommodations, Palm Beach Hotel in Jumeirah, Atlantis Hotel, and Arkan Securities
The trip is part of ABC Bank’s strategy on Diaspora engagement and partnership-building to harness the emerging opportunities both in the Middle East and in Kenya that the Diaspora Community can take advantage of.
ABC Bank recognizes the crucial role Kenyans in Diaspora play in building the economy of the motherland Kenya, and is keen on partnering with them to conveniently midwife that process. For instance, Kenyans working abroad increased the money they sent back to the country by 6.3 per cent in June to hit a record Sh15.6 billion, according to the latest data from the Central Bank of Kenya (CBK).
ABC Bank prides itself in providing distinguished financial service to Kenyans in the Diaspora, focusing not on remittances only, but on investments as well. Some of the investment products the bank offers to Diaspora clients (groups and individuals) include construction and project financing, mortgages/home loans, land purchase financing and asset financing among many others. The bank also offers professional investment advice to customers to enable them make informed investment decisions and enlighten them on the best investment opportunities available in Kenya.
Additionally, ABC Bank has a wide range of international money transfer services that customers can use to conveniently and securely send funds to their loved ones back in Kenya. Our award-winning Internet Banking service and user-friendly iOS and Android App which offer customers a borderless, seamless and convenient banking experience; secure local and international account-to-account transfers, mobile transfers and much more. It literally makes you your own bank teller, using PC, mobile or tablet.
ABC Bank’s star once again shone at the Champions of Governance Awards held at the InterContinental Hotel Nairobi.
The bank was awarded the 2nd Runners Up award in the Financial and Investments sector category in the seventh edition of the awards organized by the Institute of Certified Public Secretaries of Kenya, ICPSK.
ABC Bank was recognized for implementing and complying with high standards of good corporate governance. The bank has also made investments in innovations and processes that support good governance in its internal and external operations and relationship with customers, stakeholders and the regulator.
This award reaffirms ABC Bank’s commitment to the principles of transparency, integrity and accountability by safeguarding shareholder interests, employing efficient practices in providing quality service and products to customers, and open corporate communication channels.
ABC Bank has supported the AIC Kijabe Hospital Cancer Run with a cash donation of Sh100,000.
ABC Bank Group CEO Sridhar Natarajan presented the cheque to the hospital’s CEO Mary Mshindi at the bank’s Head Office in Westlands.
The hospital is organizing the run to raise funds to support its oncology unit that focuses on diagnosis and treatment of cancer.
There has been a sharp increase in the number of new cancer cases in Kenya, calling for private and faith-based health care facilities to step in to supplement the government’s investment in providing care to patients.
“ABC Bank understands the struggle many cancer patients go through especially when they are unable to afford treatment. That is why we support this initiative” , noted Sridhar.
Thanking the bank for its generosity, Mshindi said the hospital subsidizes the cost of treatment to help patients and their families overcome the financial and emotional burden associated with cancer.