Standard Chartered Bank Kenya’s Treasury Square building in Mombasa is also up for sale. The property is valued at Sh222 million and houses its first branch in the country opened in 1911 is gazetted as a heritage site.
https;//www.trendsnafrica.com/ had the other day reported that Nairobi’s iconic Hilton Hotel has decided to close down after the slowdown in business due to COVID 19. Another iconic building Standard Chartered Bank Kenya’s Treasury Square building in Mombasa is also up for sale. The property is valued at Sh222 million that houses its first branch in the country opened in 1911 is gazetted as a heritage site.
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According to the Annual report of Stan Chart, the decision to sell the property was taken in June 2020.However, due to the Pandemic, the management was unable to sell the asset within one year from the date of the initial sale decision. Subsequently, in line with the group’s accounting policy, the asset has been retained as held for sale at 31 December 2021.The Management stated that it remains committed to selling the property. It is not clear if the Stan Chart will retain its branch at Treasury Square after selling the property.
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Over the past few years, StanChart had closed several branches with its policy of prioritising locations with significant traffic. It has also adopted digital banking solutions, reducing the need to expand brick-and-mortar operations. Stanchart’s chief executive Kariuki Ngari said that the bank’s mass retail strategy was to scale up the business profitably through digitisation and partnerships.
