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CORRECTED-Kenya's Barclays Bank says to shut down seven branches
July 3, 2017 / 12:52 PM / in 4 months

CORRECTED-Kenya's Barclays Bank says to shut down seven branches

(Corrects the number of branches Barclays has in Kenya in third paragraph)

NAIROBI, July 3 (Reuters) - Barclays Bank of Kenya said on Monday it plans to close seven of its branches in the East African country in October as part of cost cutting measures.

The bank is part of Barclays Africa, where majority owner Barclays Plc is reducing its stake.

It said the customers who hold accounts in the branches affected will be relocated to others nearby. At present, Barclays Kenya has 102 branches across the country.

Staff working in these branches will be redeployed based on available opportunities, it said in a statement.

In recent years, commercial banks in Kenya have increased their use of mobile and internet technologies as a way to increase efficiency and reduce the costs of running a branch network. (Reporting by George Obulutsa and Humphrey Malalo, editing by)

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