Barclays Bank of Kenya has announced the sale of property from three of its closed branches across the country. The financial institution expects to raise Sh.65million from the sale of the property in question.
The sale comes after the firm closed down several branches thereby cutting down its number from 96 to 89 as it sought to reduce its cost of operations.
The closed branches are Moi Avenue, Nakummatt Meru Haile Selassie, Rahimtulla, Kawangware, Wundanyi and Waiyaki Way branches. The properties of branches on sale are Bamburi, Maragua and Supplies.
In a report for the financial year ended December 2018 to firm wants to sale the property to invest more into the branches that are still operational.
“A sale of the items had not been completed at the balance sheet date but the Bank expects a sale to be completed in the following year, 2019,” Barclays says in the report.
According to the lender, different measures have been put in place to increase the profitability of the firm after it emerged that some of the branches were not generating much need profit. The bank now wants to take advantage of its digital capabilities to move to the next level.
The lender, however, continues to face stiff competition from other banks in different parts of the country.