May 24, 2024

Stanbic Bank Scores Major Client with Devki Group

Stanbic Bank Scores Major Client with Devki Group

Stanbic Bank Kenya has pulled off a major coup in the Kenyan banking sector, successfully attracting the Devki Group of Companies as a new client.

This marks a turning point for Devki Group, which has enjoyed a long-standing partnership with KCB Bank Kenya for over four decades.

Devki Group Chairman, the influential industrialist Narendra Raval, attributed the move to a desire for more competitive rates and a more responsive customer service experience.

“I have taken between 30 percent to 40 percent of the business to Stanbic Bank. They have better rates and customer service. We still bank with KCB where we have been a client for more than 40 years,” Mr. Raval said.

The Devki group has a strong presence in the manufacturing of building materials like aluminum, steel, and cement.

The group has subsidiaries spread across Rwanda, Uganda, Kenya, and the Democratic Republic of the Congo, solidifying its position as a major player in the East African region.

Narendra Raval holds majority ownership in each company within the Devki Group.

Over the years, the Devki Group has strategically diversified its operations beyond just building materials. The group prioritizes local production, ensuring its products are manufactured entirely within the East African region, from raw materials to finished goods.

The group now caters to a wider range of industrial needs, manufacturing steel, roofing sheets, cement, fertilizers, and bags. The group even offers aviation services, showcasing its entrepreneurial spirit and commitment to growth across diverse sectors.

Some of its notable companies include:

  • Maisha Mabati Mills: A leading provider of galvanized and colored steel roofing sheets, ensuring high-quality and aesthetically pleasing roofing solutions.
  • Devki Steel Mills Limited: The undisputed leader in Kenya’s steel manufacturing sector, holding a dominant position with over 50% of the market share.

Interestingly, this development coincides with Stanbic’s recent appointment of Joshua Oigara as its new CEO, who previously led KCB Group.

This development fits well with stanbic bank’s recent focus on expanding its corporate bank portfolio. Stanbic Bank, backed by the financial muscle of its parent Standard Bank Group, is well positioned to support Devki Group’s ambitious growth strategy.

Another major driver in Devki’s decision is the substantial Sh4.3 billion credit facility offered by stanbic bank to National Cement Company Ltd, a subsidiary of Devki Group.

This customized financing solution is designed to maximize National Cement’s expansion across East Africa and strengthen Devki Group’s overall financial position.

Importantly, stanbic bank’s expertise in mitigating foreign exchange market volatility will be crucial in optimizing Devki Group’s currency exposure.

Beyond the credit facility for National Cement, stanbic bank’s Corporate and Investment Banking division offers a comprehensive suite of financial services that cater to the diverse needs of large corporations.

This includes traditional banking services like account management and lending, along with more specialized offerings like trading, investment solutions, risk management, and advisory services.

Essentially, stanbic bank kenya functions as a one-stop shop for corporate financial needs, encompassing:

  • Investment Banking: Assisting with mergers and acquisitions, capital raising, and other strategic financial transactions.
  • Global Markets: Providing access to foreign exchange markets, derivatives trading, and other international financial instruments.
  • Global Transactional Products and Services: Facilitating secure and efficient domestic and international payments and collections.
  • Company and Market Research: Offering valuable insights to guide informed business decisions.
  • Equities and Derivatives Trading: Enabling sophisticated investment strategies for maximizing returns.
  • Asset Management: Providing professional investment management services to grow and preserve a company’s wealth.

Stanbic Bank goes beyond these core offerings with tailored solutions for corporate customers. This includes managing the financial activities of all their networks, employees, distributors, suppliers and shareholders.

It also provides offshore international banking services for a global corporate environment, ensuring seamless cross-border financial transactions.

Stanbic further prioritizes digital convenience for its corporate clients, offering solutions like:

  • The stanbic bank ussd code *909#: This code allows for convenient mobile banking access to account information and basic transactions.
  • The stanbic bank paybill number 600100: This number facilitates secure and efficient bill payments directly through stanbic bank kenya.

Stanbic Bank’s Corporate & Investment Banking division further strengthens its offerings through transaction banking, stockbroking, and over custody functions, and provides a comprehensive financial services experience for Devki Group.

Those seeking further information about stanbic bank kenya’s offerings can explore their website for comprehensive details and contact information.