KCB Group has the capacity to fund bigger projects in the East African region on the back of high capital and liquidity buffers, Global Credit Ratings, says in its latest outlook affirming a stable rating for the Bank.
The Johannesburg-based GCR has affirmed the national scale ratings assigned to KCB of AA (KE) and A1+(KE) in the long-term and short term respectively. This is currently the highest rating for a Kenyan bank accorded by GCR.
KCB, along with its subsidiaries, operates as a diversified financial services provider, and is active across the East African region, targeting both retail and wholesale customer segments.
The GCR said the ratings reflect its intrinsic credit strength and are premised on its established regional franchise, dominant market size, acceptable risk management practices, profitable business model, prudent capital levels and support from its shareholders.
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“KCB’s strong market position within the regional banking space makes it well positioned to take advantage of positive growth and infrastructure/other developments within the local economy, and within the East African bloc” said GCR in a statement.
KCB Group CEO Joshua Oigara said the rating was a clear affirmation that the lender was readying itself for a continental race, as it can now take up bigger projects in East Africa and beyond.
“KCB is now running a different kind of race; the race for trillions. Being in the market for more than a century has enabled us to connect with the DNA of the society. The ratings are a confirmation that we are a true heritage of this region and pledge to continue transforming lives and deepening financial inclusion,” said Mr Oigara.
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