Stanbic Bank Kenya secures Devki Group as a major client, marking a significant shift from its long-standing partnership with KCB Bank Kenya. Led by Narendra Raval, Devki Group spans various industries, including cement, steel, roofing, and packaging materials.
Raval noted that between 30 to 40 percent of Devki’s business has been moved to Stanbic Bank due to favorable rates and customer service. Despite this move, Devki still maintains its relationship with KCB, which has been its client for over four decades.
This development coincides with Stanbic’s recent appointment of Joshua Oigara as its new CEO, who previously led KCB Group. Stanbic’s strategic move also includes providing a substantial Sh4.3 billion credit facility to one of Devki’s subsidiaries, National Cement Company Ltd.
The credit facility aims to support National Cement’s expansion efforts and enhance its role as a key supplier across East Africa, driving economic and infrastructure development in the region. Stanbic’s tailored financial solution addresses challenges posed by volatile forex market dynamics and optimizes the client’s foreign currency exposure.
Devki’s cement subsidiaries have been actively expanding in the local and East African markets, fueled by borrowings from banks and international financial institutions. This includes recent acquisitions and investments, such as the acquisition of ARM Cement’s Kenyan assets and the opening of a clinker plant in West Pokot County.
In summary, Stanbic Bank’s partnership with Devki Group signifies a strategic move to support the conglomerate’s growth trajectory and solidify its presence in key sectors across East Africa.
