Category Archives: news

COG Awards, 2014

ABC Bank shines at governance awards- 15th November, 2017

ABC Bank scooped two prestigious awards at the recent Champions of Governance Awards 2014, organized by the Institute of Certified Public Secretaries of Kenya.

The bank bagged the second overall champion award, and emerged 1st Runners Up in the Finance and Investments category.

The awards, now in their fifth year, seek to recognize institutions and individuals that exhibit the highest standards of practice of good governance and encourage more organizations, both public and private, to embrace the principles of accountability, transparency and disclosure compliance, consistent shareholder value enhancement, and corporate social responsibility.

These awards mean a lot to us; the recognition is a result of our deliberate and consistent observance of an open and transparent culture that permeates all our daily activities and interactions at all levels. They are a reflection of who we are, as a body corporate.

ABC Bank Koinange Street Branch

ABC Bank gets the thumbs up from Global Credit Rating Agency- 11th November, 2014

The Global Credit Rating Company has affirmed an upgraded national scale short term rating to A2 (KE) from previous rating A3 (KE) and a national scale long term rating of BBB (KE) and from the Global Credit Rating Company.

The ratings, valid until October 2015, are supported by the bank’s moderate business and financial risk profile, growth in business, efficiency in balance sheet, commencement of non-performing loans recovery, cost control as well as success in the private bond issue in May this year.

The bank released a Ksh. 650 million private bond with a green shoe option of Ksh. 350 million. With 5.25 years tenure and a yield of 12.6 percent, the bond was oversubscribed by 57 percent.

The upgrade of the bank’s short term rating is a reflection of the positive operational changes in the business, including the enhanced funding profile of the bank and the potential internal growth. Appropriate deployment of capital/funding, improving profitability while maintaining credit protection factors, the diversification of income streams and a reduction in funding costs on the back of the retail strategy may have a positive impact on the bank’s long-term rating going forward.

‘’We are excited about the new rating. It positions the bank as a safe and stable investment vehicle for investors, as it is a stamp of financial soundness, with a minimal risk of insolvency’’ noted ABC Bank Group Managing Director Shamaz Savani.

Leveraging its strengths in asset finance, trade finance and international and local remittance solutions, the bank has carved out a niche by providing focused services and solutions to mid-to-large sized corporate firms. More recently, however, the bank has expanded its client profile to include all market segments.

‘’ This good rating assures investors of the fundamentals of our business, its actual strength, financial standing, and management details, giving them the confidence in taking investment decisions’’ added Savani.

Following a successful realignment of its business model in line with its five year (2013- 2017) strategy, the bank created five strategic business segments, namely: Corporate Banking, Retail Banking, SME Banking, Treasury, and Alternative Channels.

BHM2014

Athletes battle it out at the Baringo Half Marathon- 1st November, 2014

This year’s edition of the annual ABC Bank Baringo Half Marathon took place on November 1st in Kabarnet town, Baringo County.

This is the second year the bank has organized the marathon as title sponsor. The marathon is our flagship Corporate Social Responsibility initiative, and seeks to identify and nurture young athletic talent with a view to produce the next generation of world champions.

Since we took up the title sponsorship, we have endeavoured to raise the event’s profile in various ways, including increased participation and the enduring impact among the immediate communities. This year we double the sponsorship kitty to Ksh. 10 million, to go to hosting the event and our Athletes Development Program.

We also boosted the prize purse; the first finishers, in both the men’s and women’s 21 kilometer categories, took home Ksh. 300,000 each, while winners in the six kilometer category for boys and girls pocketed Ks. 25,000.

This year we introduced a schools category that saw over 50 schools register teams of ten students for the 6 km cross country race. The winning team took to their school Ksh. 100,000.

The Athletes Development Program is a sustainability project that will enable us to deliver on the objective of producing world champions. Last year we selected a group of 12 promising young athletes, whom we placed in various athletics training camps in the North Rift region, under dedicated professional coaches to set them on the path to stardom.

Some have gone on to participate in different local and international races, and have recorded impressive performances. For instance, Hilary Kemboi competed in a race in Nigeria and scooped the gold medal in the 10,000 meters race. In August, Alfred Barkach participated in the East African Secondary Schools Championships and won the 10,000 meters race. Josphat Kiprop, another of our sponsored athletes, won the 21 kilometer race in this year’s Baringo Half Marathon. These success stories confirm the need for talent development. We are picking more athletes from this year’s marathon to join the Athletes Development Program.

Besides athletics training, we also offer life skills training to our athletes to make them all round successful people even off the track. We have trained them in investments and personal finance, success management, public speaking and handling media interviews, and managing sponsorship contracts.

ABC Bank used the opportunity to engage the Baringo County Government and other business people on possible areas of collaboration.

BHM 2014 Launch

ABC Bank launches 2014 edition of Baringo Half Marathon- 25th September, 2014

The ABC Bank Baringo Half Marathon 2014 edition will take place on 1st November. The race, themed ‘Developing Athletic Talent’ is an exciting strategy that seeks to nurture and promote young sporting talent.

Speaking at the launch event, Baringo County Governor, H.E. Benjamin Cheboi emphasized the importance of nurturing upcoming athletes through locally sponsored initiatives such as the ABC Bank Baringo Half Marathon.

“My government is equally committed to supporting not only athletics but other sports as well, as a way of encouraging our youth to pursue sports as a viable career option.” Governor Cheboi said.

This initiative provides an opportunity for every athlete to perform at their best through continued practice and race opportunities through which they can gauge their performance levels. The organizers have this year involved and worked closely with the Baringo County Government and other local leaders to enhance community participation and ownership of the event.

“Besides being a lucrative source of income, sports keeps the youth constructively engaged, thus keeping them away from destructive or unlawful activities. It is also a useful vehicle for bringing people together hence contributing to society building and promoting peaceful co-existence among different communities,” he reiterated.

Moreover, Governor Cheboi noted that increased awareness and uptake of athletics and distance running will continue to increase entries and sponsorships, and promote socio-economic growth in the county of Baringo and beyond.

The Paul Tergat Foundation Chairman and Patron of the Baringo Half Marathon, Mr. Paul Tergat called on both elite and budding athletes to register for the marathon to battle it out for the attractive prizes on offer. The upcoming athletes will have the opportunity to have their talent identified, and possibly picked for the athletes’ development program.

A key highlight of this year’s event is the introduction of a schools-only category in which participants will compete in the 6 kilometer cross-country race.

“A school is free to register as many teams as possible.  This will give our young people in schools from across the country an opportunity to showcase their athletic talent as the cross country season kicks off,” he noted.

He thanked the county government, local leaders and area residents for supporting the marathon, and appealed for more support for such initiatives such as the marathon, which also attracts and promotes sports tourism.

“This is why sports by far remain as the most effective platform for social and economic transformation. We must embrace and invest in it,” he added.

ABC Bank Group Managing Director, Mr. Shamaz Savani said the half marathon also seeks to boost the image of the sport to upcoming talent and the general public.

“As the title sponsor, we have increased the sponsorship kitty to Ksh. 10 million from Ksh. 5 million last year. This kitty will be used to host the marathon as well as run the athletes’ development program following the marathon. Additionally, we have increased the total prize purse to Ksh. 3 million with the first prize being 300,000 shillings each for men and women in the 21 km category. We have introduced a Schools Category, which will be the key highlight of the marathon, with prizes for both schools and winning students,” he said.

During last year’s ABC Bank Baringo Half Marathon, the organizers identified a batch of 12 upcoming athletes to join the athletes’ development program sponsored by the bank. They have undergone intensive professional training in reputable training camps to prepare for not only the Baringo Half marathon but also for other local and international races. They have also received life skills training in key areas such as personal finance and investments, handling media and public speaking, anti-doping policies and managing sponsorship contracts.

Alfred Barkach, one of the ABC Bank-sponsored athletes, won the 10,000 metres race at the recently concluded East African Secondary Schools Games held in Dar es Salaam, Tanzania. His success is testament to the fact that nurturing talent will produce more champions for this country.

Some of the mentors who have offered a helping hand to the budding athletes through the athletes’ development program include: world marathon record holder Wilson Kipsang, former Olympic 800 meters champion Wilfred Bungei and US-based Kenyan distance runner Betsy Saina.

International athletes from Ethiopia and other East African countries have also been invited to headline the event and to increase the participation bracket beyond the country’s national borders as a model of building and nurturing talent.

‘’We have once again invited athletes from Ethiopia and other East African Countries to headline the event. Besides increasing the stature of the event, their presence here will also enhance its competitiveness. In return, we will be reciprocating with athletes from our half marathon participating in the Great Ethiopian Run later in November’’, noted Mr. Shamaz.

Kisumu golf day

ABC Bank hosts inaugural Kisumu golf day- 20th September, 2014

Golfers in Kisumu flocked to the Nyanza Club with their caddies in tow, for the ABC Bank-sponsored golf tournament. Dubbed ‘Swing into Action’ the tournament was part of the bank’s ongoing customer engagement plans.

It was the first time the tournament was hosted in Kisumu. Earlier in April, we had hosted a similar tourney in Eldoret. Our main objective is to use these tournaments to interact with, and listen to our customers as well as meet new ones. We will continue to host such events across the country.

KU

ABC Bank partners with Kenyatta University to support young innovators- 16th September 2014

ABC Bank joined hands with Kenyatta University by donating Ksh. 250,000 to support inventive students to realize their entrepreneurial potential. The university, through its Chandaria Business Innovation Incubation Centre, nurtures students with innovative ideas to transform them to viable enterprises.

Speaking when he presented the cheque to Kenyatta University Vice Chancellor, Professor Olive Mugenda, ABC Bank’s General Manager, Group Business Development, Peter Kinyanjui underscored the importance of partnerships between corporates and institutions of higher learning, saying this would spur the improvement of educational standards in the country.

On her part, Professor Mugenda hailed ABC Bank for being the first bank to support the incubation program.

The donation is part of ABC Bank’s CSR strategy to help the youth to discover and develop their talent. The Innovation Incubation Centre recently organized an investors’ confidence to give students under the program an opportunity to show case their ideas and to link them with potential investors.

Postbank partnership

ABC Bank and Postbank to provide cheque clearing solution – 24th June 2014.

Over two million Postbank customers can now access cheque books and process cheque payments through ABC Bank following the signing of a deal between the two banks.

The new solution will be available through the Postbank Cheque Account, which will enable Postbank customers obtain cheque books and process their cheques through ABC Bank’s clearing house. This will not only provide these customers with an important payment instrument that will help streamline their business transactions but will also help Postbank introduce the culture of savings to other market segments.

“The launch of this solution means much more to us than just a new product; it means a new solution, more opportunities and more possibilities for us and for Postbank. Postbank customers will now have the added benefit of getting cheques books, an important tool in business transactions”, said Postbank MD Dr Nyambura Koigi.

Postbank has not been issuing cheque books because it was established as a savings bank. However, through the partnership with ABC Bank it can now offer cheque clearing solution as an additional service to its customers.

ABC Bank has also launched an agency banking channel with Postbank as its agent in a bid to deepen its reach and enhance ease of access to services to its customers countrywide. The partnership will allow ABC Bank customers across the country to withdraw and deposit cash to their ABC Bank accounts through Postbank 99 outlets countrywide.

“This partnership is crucial for ABC Bank as it is key in the strategic direction we have been pursuing for the last couple of years. It reinforces our determination to increase and improve our channels to provide more touch points for our customers to access our services”, said Mr. Savani, adding that the partnership is part of the bank’s growth and expansion plans.

ABC Bank will utilize 99 of Postbank’s outlets across the country to offer its customers normal banking services such as cash deposits and withdrawals, and balance enquiry. In addition, the deal will enable ABC Bank reach new customers and increase product penetration and uptake.

About ABC Bank ABC Bank is a locally incorporated bank which has carved a special niche in providing focused services and solutions for mid to large size corporate firms, facilitating its business customers through innovative business solutions and emphasizing its main strengths in asset finance, trade finance and international/local remittance solutions. In addition to these markets, the bank has introduced a variety of personal banking solutions that have created an all rounded platform for individuals to transact with the bank.

Kerussu

ABC Bank supports rural saccos -26th May 2014

ABC Bank has sponsored the Annual Conference for the Kenya Rural Savings & Credit Co-operative Societies Union Ltd (KERUSSU).

Kerussu is the umbrella cooperative organisation for rural Saccos. It brings together 53 rural Saccos with a membership of over 1.5 million where the members’ key source of income is tea, coffee and horticulture.

The bank continues to support and empower SACCOs for them to deliver more services to customers. We see SACCOs as partners and not as competitors.

Golden Hands

ABC Bank eyes strategic partnerships to expand regionally- 26th May 2014

26th, May 2014: ABC Bank Group MD Shamaz Savani featured in a special pull out-in the Business Daily- profiling chief executives who have turned around the performance of their organizations and market segments.

Click here to read the full article…

African Banking Corporation (ABC) Group is eyeing more strategic partnerships to cement its leadership position in supporting SMEs in the region. The Group is also banking on such partnerships to deliver more new products, quicker and at lower prices. This has made collaborative business arrangements a winning formula for ABC Bank whose success story is formed in part by several such agreements.

”For instance, in 2012 we partnered with the European Investment Bank to enable us to lend to our customers for longer tenures and at better rates,” Mr. Savani discloses.

Click here to read the full article…

Banking Awards 2014

ABC Bank is 2nd best bank in Internet Banking- 30th April 2014

ABC Bank has added another feather to its cap by emerging 2nd in the Best Bank in Internet Banking in this year’s Think Business Banking Awards.

“This award is especially meaningful for the Bank, as it is a validation of the strategic direction we chose two years ago. It reinforces our resolve to increase and improve our channels to provide more touch points for our customers to access our services.” says ABC Bank Group Managing Director Shamaz Savani.

Savani adds: we understand that online banking is no longer the future of banking; it is the way to bank. This win demonstrates our commitment to excellence and innovation to align ourselves with emerging trends in service delivery in line with our culture of professionalism and customer-centricity,”

ABC Bank this year upgraded its Internet Banking platform to 2nd Level Authentication to assure customers security of their accounts and online transactions. 2nd Level Authentication is currently the most secure online banking system available in the market, is user friendly, and offers increased functionality to customers, including allowing them to carry out transactions in real time.

The 2nd Level Authentication is an enhanced security feature for internet banking to protect clients from any possible fraudulent activities on the web. A customer will now be required to key in a Transaction Authentication Number (TAN) before carrying out any Payment/Transfer instructions online.

To sustain business competitiveness, it is imperative to shift from the traditional approach of bricks-and-mortar into a clicks-and-mortar, added Savani, noting that adoption of technology has now become an essential measure of efficiency and success of any business.

Through its free-of-charge internet banking, ABC Bank customers can now access their accounts and perform online transactions without visiting a banking hall, making it very easy and convenient for customers to manage their bank accounts.