Kenya’s Barclays Bank to shut down seven branches

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, Reuters reports. 

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.