Consolidated Bank of Kenya opens its new Bancassurance subsidiary

Consolidated Bank of Kenya has announced the opening of its new Bancassurance subsidiary for the end of March 2019. The bank, which recorded a loss of 404.8 million KES (3.9 million USD) during the first nine months of the year 2018, is embarking on the bancassurance sector to boost its income streams.

Consolidated Bank foresees the entry of a strategic investor into its capital, held to-date at 85.8% by the State. The new partner should bring 3.5 billion KES (34.5 million USD).

The company also intends to reorganize its trade finance services and focus on its digital products.

More than 26 banks and 47 insurance companies in Kenya have adopted the bancassurance model. These include equity Bank, Diamond Trust Bank and Faulu Bank.