KCB to close South Sudan branches due to war shocks
Customers at a KCB banking hall in Juba, South Sudan. FILE PHOTO | MORGAN MBABAZI
East Africa’s biggest bank by assets KCB Group plans to shut down some of its branches in South Sudan, citing civil strife, devaluation of the country’s currency, and hyperinflation which negatively impacted the lender’s earnings last year.
KCB, which has 19 branches in South Sudan, now wants to cut its exposure in Africa’s newest nation where the bank took a Ksh3.4 billion ($34 million) hit due to hyperinflation in 2016.
