SBM Bank Kenya has assured customers of its financial stability and commitment to quick and flexible service, emphasizing that all key business decisions are made locally despite being part of the Mauritius-based SBM Holdings Group.
Speaking during a customer appreciation cocktail party for the bank’s Mombasa clients at Tamarind Village, SBM Bank Kenya Chief Executive Officer Bhartesh Shah said the lender’s strong ownership structure and local autonomy have enabled it to respond swiftly to customers’ needs.
Shah noted that SBM Bank is wholly owned by SBM Holdings, which is listed on the Mauritius Stock Exchange, with the Government of Mauritius being its largest shareholder.
“We only have one shareholder, SBM Holdings, and by far the biggest shareholder is the Government of Mauritius. There is no individual owner behind the bank. Customers can rest assured that they are dealing with a stable institution backed by a highly rated group,” Shah said.
He acknowledged that concerns about the safety and security of deposits remain important to customers, especially given the collapse of some financial institutions in the past.
“Safety and security are always an issue, but customers should rest assured that they are dealing with a double-A rated institution,” he said.
Shah highlighted that although the bank is part of an international group, operational decisions are made entirely within Kenya, allowing for faster response times and greater flexibility.
“Every decision is made in Kenya. Nothing goes out. What we pride ourselves in is our flexibility and quick decision-making,” he said.
He said the bank offers competitive products, including its Platinum Saver account, which earns 8.5 per cent interest on Kenya shilling deposits and 4 per cent on dollar deposits, as well as insurance premium financing at a rate of four per cent, which he described as among the lowest in the market.
The CEO said the customer engagement event was aimed at strengthening relationships and enabling clients to better understand the bank rather than promoting products.
“We are not trying to sell anything or push anything. It is simply an opportunity to get to know our customers better and for them to know the bank better,” Shah said.
He added that SBM Bank holds similar customer engagement forums across the country as part of its strategy to deepen relationships with clients and provide personalized banking solutions.
