Nairobi, March 8, 2017: 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.
ABC Bank’s Assistant Manager for Customer Service Rosemary Kiboro (centre) presents Cynthia with her gift. On the left is Cynthia’s teacher Stella Kimei.
“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.
Rosemary Kiboro of Customer Service Rosemary Kiboro (left) presents a Valentine’s Day gift to Ann on behalf of her husband.
The Treasury Team led by General Manager- Treasury & Financial Institutions Philip Wambua, has conducted Forex training for Westlands and Koinange Branch teams to equip them to drive growth in the FX business as envisioned in the bank’s 2017 projections.
Philip Wambua and Koinange Branch Manager Arthur Washe (3rd and 2nd right, standing respectively) with the Koinange branch team.
Treasury and T-Mall Branch Teams led by General Manager- Treasury & Financial Institutions Philip Wambua and Joseph Maigwa (Standing, centre) after the training session.
The foreign exchange, FX or forex market is the market in which currencies are traded. The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services.
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.
Lucy Wariara (left) presents the cheque to Mugure as her mother looks on.
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.
Mr. Raj Arora, ABC Bank’s chief credit officer, presents an award during the event as Mr. Douglas Okiring’ ABC Bank Kisumu Branch manager looks on.
Mr. Raj Arora, ABC Bank’s chief credit officer, gives a speech during the Hindu Kite Festival in Kisumu on Sunday.
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!
Joseph Waithaka, Head of Diaspora Banking (center) presents food stuffs to Eunice Menja (3rd left), the founder of the Upendo Children’s home as ABC Bank staff look on.
Upendo Children Home kids entertain the ABC Bank staff and friends.