February 23, 2024

VICTORIA COMMERCIAL BANK PLC’s GROWTH TRAJECTORY ON THE RISE, FETED BY INTERNATIONAL BUSINESS MAGAZINE

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VICTORIA COMMERCIAL BANK PLC’s GROWTH TRAJECTORY ON THE RISE, FETED BY INTERNATIONAL BUSINESS MAGAZINE
Victoria Commercial Bank Feted By International Business Magazine

In the ever-evolving landscape of the banking industry, Victoria Commercial Bank PLC stands as a beacon of excellence consistently pushing the boundaries of service delivery and proving its mettle as an institution committed to excellence and community. Governed by the Central Bank of Kenya, the Bank continues to set new standards and remains a shining example of what can be achieved through visionary leadership and a genuine desire to make a difference.

The bank’s roots trace back to its inception as a finance company on the shores of Lake Victoria in Kisumu. In less than a decade, it evolved into a fully-fledged commercial bank operating from Victor House in Nairobi’s Central Business District. With over 35 years of rich history, our journey mirrors a legacy of evolution, growth, and customer-centric innovation. The bank is supported by a strong corporate governance structure, robust asset quality, liquidity, and profitability. It has established a strategic nationwide footprint with six operational branches within Nairobi and Mombasa. Through its niche private banking model, comprising of business entities and high net-worth individuals, the bank has attained an award-winning status for customer-centricity.

In 2023, the Bank was feted by International Business Magazine for two prestigious awards – Most Innovative Corporate Banking Kenya Award and Emerging Mobile Banking Service Provider Kenya Award.

The Bank has been at the forefront of introducing cutting-edge financial products and services to meet the evolving needs of its customers. Victoria Commercial Bank PLC achieves a remarkable client retention rate of between 90 and 93% a clear indication that they recognize financial services not just as mere luxury but as fundamental. “It’s also a question of added value,” says Ketaki Sheth, Chair of the Board.  “We don’t want to be there just to give you finance. We want to be a partner to you, and we want to add value.”

Adding to their most recent expansion, Victoria Commercial Bank launched the opening of their 6th branch, a first out of Nairobi, in Nyali Mombasa on 11th September 2023. Another key factor that sets this bank apart is their concentration in technology. Despite not having a widespread physical presence like traditional banks, Victoria Commercial Bank PLC leverages technology to extend its reach well beyond Nairobi.

Captain Ruth Karauri is honoured by VCB CEO Dr. Yogesh Pattni

Recent launches have included digital banking solutions that have empowered customers to be able to manage their finances securely whilst streamlining internal operations making banking with them a truly seamless experience. Dr Yogesh Pattni, CEO of Victoria Commercial Bank PLC, notes, “We currently have 50 software systems running concurrently,” highlighting the bank’s reliance on sophisticated software systems to detect and prevent security breaches. This has then allowed them to tap into new markets and provide convenient banking services to their customers, even in underserved regions.

VCB Chairlady Ketaki Sheth and VCB Head of Liability Relationships Azmina Pattni honour Rebecca Achieng, a beneficiary of VCB Charitable Trust scholarship

In addition to technology, Victoria Commercial Bank PLC places a strong emphasis on security both physical and technological, to safeguard the interests of their clients. Sheth emphasizes, “It is critical to always share information about potential risks with our customer base.” The bank has put in place strong security measures to protect against fraud, cyber-attacks, and other security concerns.

Dr Pattni states, “We also educate them on securities for themselves in terms of the technology securities so that we are both safe.” The bank believes that informed customers are better equipped to protect themselves from potential cyber threats, aligning with their customer-centric approach. This instills confidence in their clients knowing that their financial information and transactions are safeguarded.

Victoria Commercial Bank PLC also plays a pivotal role in empowering women entrepreneurs, recognizing their potential as agents of change. 52.76% of their total employee population encompasses women staff, 34.33% of that number holding women in their top managerial positions.

Victoria Commercial Bank’s women strike the #BreakTheBias pose on stage

During the third edition of the International Women’s Day hosted at the Bank that brought together a consortium of women in entrepreneurship to exchange knowledge on the theme of the year: “DigitALL – Innovation and technology for gender equality,” Eunice Monzi, Chair of the VCB Women Committee and Head of Trade re-iterated, “We are a total of 103 staff members, 51% are of the female gender, at the middle management level we have 50% female representation and 33% female representation at the Executive Committee Level. VCB PLC is one of the few organizations with female Directors, and to crown it all, the Chair of the Board, Ketaki Sheth, a woman – is a big advocate of gender equality. In comparison to businesses in the public and private sectors, the representation of women in VCB is way above the market average which is 23%- 35% therefore the bank sits at the top tier at 50% when it comes to women empowerment.   

We’ve become an award-winning bank, celebrated for our unwavering commitment to customer centricity. Our prestigious awards, including “Most Customer-Centric Bank,” illuminate the path of excellence we tread.  Another very recent more esteemed accolade from the International Business Magazine which honoured Victoria Commercial Bank PLC with the Most Innovative Corporate Provider 2023 and Emerging Mobile Banking Service Provider Kenya 2023, solidifying its position in its field. The year 2022 was a significant one for the bank where it secured from the Arab Bank for Economic Development in Africa (BADEA) a USD 20 million Line of Credit for Financing Private Sector Projects. The purpose of this facility was to support the Bank in the growth of Small and Medium Enterprise portfolio. “I am extremely delighted about the partnership between VCB and BADEA, culminating in a credit extension of $20 million. This credit line made possible with support and guidance from Nimai Financial Sector Advisory (NFSA), Dubai, UAE, reflects the good standing of VCB and its strong asset base. The facility also demonstrates the confidence of international lenders in the Kenyan Banking sector,” stated Victoria Commercial Bank CEO, Dr. Yogesh K. Pattni. These funds are designated to enhance the private sector’s access to capital in Kenya and play a pivotal role in sustainable economic growth,” said Dr. Sidi Ould TAH, Director General at BADEA.

VCB Chairlady Ketaki Sheth and VCB Head of Liability Relationships Azmina Pattni honour Rebecca Achieng, a beneficiary of VCB Charitable Trust scholarship
VCB signing off of first DFI – Swedfund
Cheque Donation to Faraja Cancer Support Trust

Victoria Commercial Bank has also actively been involved in Corporate Social Responsibility activities, supporting education, healthcare, and environmental initiatives. The bank reaffirmed its unwavering commitment to championing the fight against cancer by donating its second consecutive donation of 1 million Shillings on 14th September 2023 to Faraja Cancer Support Trust. Victoria Commercial Bank is cognisant that the battle against cancer is not fought with medical procedures alone but also a compassionate community that stands together with those affected. It remains dedicated to making this profound impact in the lives of cancer patients and alleviating the challenges they face in battling the disease every day. “Two years, two opportunities to make a difference. We are not just donating to Faraja Cancer Support Trust, we are investing in hope, progress, and a brighter future for those affected by this relentless disease. Let’s keep striving to turn the odds in favour of a cancer-free world,” stated Chief Business Officer Deposits, Azmina Pattni. 

Financial Literacy Talk with students

Behind the bank’s success story is a team of visionary leaders who steer it to greatness. The bank’s top executives have a wealth of experience in the financial world and are known for their strategic thinking and innovative approaches. Another great corporate social responsibility was carried out by the bank during this year’s Global Money Week where Victoria Commercial Bank hosted Oshwal College students for a financial literacy and inclusion event dubbed, A Day at a Bank. Chief Of Operations Officer Kalpesh Jotangia delivered a keynote address on this year’s theme, “Plan Your Money, Plant Your Future,” while Chief Business Officer Assets, Poonam Shah introduced the bank to the students. After the empowering discourse, the students engaged with Heads from Victoria Commercial Bank’s Operations, Trade Finance, Treasury, and Risk and Compliance departments. 

About 30 students, pursuing courses in Business Technology, ACCA, and ABE at the college attended the event.

At Victoria Commercial Bank PLC- Banking Redefined!

Article Received on Mail From Victoria Commercial Bank PLC

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