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October 21, 2018

Fidelity Bank plans Sh700 million office block

An architectural sketch of the planned block.
Photo/COURTESY
An architectural sketch of the planned block. Photo/COURTESY

FIDELITY Bank plans to build its own office block at an estimated cost of Sh700 million in Nairobi’s Westlands area.

The proposed building, to house its headquarters, will have 50,000 square feet space on six built-up floors and two basement-level space.

The ground-breaking is planned for early next year. If the construction plans are done on time, the bottom-tier lender will move into its head office from the IPS Building along Kimathi Street by end of 2017.

According to the management, the proposed development is designed to meet the bank’s expansion needs.

“This is a landmark in the 22-year history of Fidelity Commercial Bank,” general manager, business development and communications Kass Khimji said in statement on Monday.

Khimji said the new headquarters will be customised to meet the demands of the lender’s growing staff and customers.

“Having our staff under one roof will improve our operations, allowing us to better serve our customers and make Fidelity a bank that’s simple to do business with in line with our new simple banking theme,” he added.

Central Bank’s prudential guidelines restrict banks from from investing more than 20 per cent of their core capital in real property – land and buildings.

The block will house the lender’s main departments of assets management, finance, legal, internal audit, treasury and securities.

Other departments to be moved from Nairobi’s Central Business District include ICT, consumer finance and value-added services.

“All planning approvals have been granted and ground breaking is anticipated to begin in January 2016,” Khimji said.

Fidelity currently has 14 branches in Nairobi and at the Coast, with the Eldoret branch set to open next month.

It will be joining tier-one lenders Barclays and Standard Chjartered Banks which already have their headquarters in Westlands. Mid-tier CfC Stanbic also has its head office in the area.

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