This archive report was first published on 20 August 2019.
Published on August 20, 2019, GT Bank has initiated a restructuring process, which includes the closure of underperforming branches. The bank's Ngong Road branch, located on Piedmont Plaza in Nairobi, is the first to be affected.
According to a notice to customers, the branch will be closed at the end of September. Sources within the bank indicate that management is evaluating other 'slow' branches to decide their fate.
GT Bank, which acquired Fina Bank in 2014, has eight branches countrywide, including Karen, Kimathi Street in Nairobi CBD, Industrial Area, Westlands at its head office, Nanyuki, Thika, Mombasa, and Ngong Road. Following the closure, the bank will have seven branches.
Customers of the affected branch will be absorbed within the bank's network, mainly by the Karen Branch. The circular signed by Executive Director Victor Egaza and Settlements Manager Charles Kirimi assures customers that their accounts will remain unchanged and that they can access banking services through alternative channels, including ATM, Internet, and mobile banking.
The closure is part of a growing trend in the banking industry, where banks are cutting down on physical branches as technology powers alternative ways of accessing banking services.
