Written by Cedric Lumiti

Nairobi, Kenya — The East African Common Market Protocol will facilitate the free movement of labour and capital flow to the benefit of investors in the region, a banker has said.

 
KCB Group Chairman Peter Muthoka said the bank has taken a leading role in the creation of a vibrant and modern financial system that supports the development of people and growth of the business community in the region.

 
Muthoka was speaking during a Customer Cocktail Party held in Arusha, Tanzania which was attended by members of the East African Legislative Assembly (EALA).

 
 “The availability of KCB shares at the Dar-es-Salaam Stock Exchange, Uganda Securities Exchange and Rwanda Over-the-Counter Market is a great opportunity for investing citizens of this region,” said Muthoka.

 
The establishment of KCB Tanzania 13 years ago was a major step towards establishing a financial platform that would support the integration of the East African Community, he said; adding that KCB Group was the first bank in the region to cross-list shares in the various stock markets in East Africa.

 
“We have a vision to be a big player in the financial sector across Africa in future but must start with positioning ourselves as the preferred financial solutions provider in East Africa,” he said.

 
KCB Tanzania began with one branch in Dar-es-Salaam and has expanded to some key business centres in the country which is a demonstration of the bank's commitment to reaching out to more East Africans in all areas, he said.

 
The bank has grown to become a regional giant with operations in Kenya, Tanzania, Uganda, Rwanda and Southern Sudan.

 
KCB is the largest bank in the region in terms of branch network and its asset base is valued at over Kshs 191 billion (About US$260million) and has over 200 outlets in the region.  

 
The bank was formed in 1970 aftre aquiring the shares of the National and Grindlays Bank where government had 60% shares.