Standard Chartered To Sell Its Ksh222 M***ion Iconic Building In Mombasa

The Standard Chartered Bank Kenya is selling its iconic Treasury Square building in Mombasa.

The building, which **used its first branch opened in 1***, is gazetted as a heritage site designated as a free**ld property.

“The property was designated as held for sale in June 2020. Due to the impact of Covid-19 management has not been able to sell the ***et within one year from the date of the initial sale decision,” StanChart says in its latest annual report.

“As the cir****tances were beyond the group’s control, in line with the group’s accounting policy the ***et has been retained as held for sale at 31 December 2021. Management remains committed to selling the property.”

This comes at a time the lender is reducing the number of its brick and ****** branch network in the country. The bank says that at least 92 percent of its ins***utional clients rely on its digital banking platform Straight2Bank for banking services.

StanChart’s net profit for the financial year ended December 2021 jum*** 66 per cent to Ksh9.04 b***ion — the highest in five years.

“2021 was an exceptional year for the bank despite the ongoing ********-driven challenging conditions with profit before tax improving 70 per cent,” said StanChart Kenya Chief Executive Mr Kariuki Ngari.

The bank in November last year spent Sh1.35 b***ion to lay off 200 staff in a period queues in banking halls had been on the decline, prompting lenders to invest more in digital service channels.

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