Standard Chartered Bank Kenya has put up for sale the land hosting its Nyeri branch as it seeks to unlock cash from its real estate holdings.
The bank had valued the property, which sits on 0.4-acre land in the central business district of Nyeri, at Sh175 million on the lower side. The property consists of a single-storey branch with a two-storey residential house.
“In 2024, the property housing Nyeri Branch was placed on the market for sale. The sale of the properties is expected within the 2025 financial year,” said Standard Chartered in its latest annual report.
This is the second property being put up for sale by the lender, with Mombasa’s Treasury Square earmarked for sale five years ago. The Mombasa property is yet to get a buyer despite being earmarked for sale since June 2020, underlining a tough real estate market.
Standard Chartered revalued the iconic Treasury Square downwards last year by Sh23.4 million to Sh198.6 million. The lender had initially valued the property, which hosts the first branch opened in the country in 1911, at Sh222 million.
The bank did not disclose how the sale would affect the branches hosted in the premises.
The transactions are set to see the bank book huge capital gains with over a century of appreciation.
The sale of real estate holdings signals a move in favour of renting over ownership, a shift that would see the lender focus on its core business.
Stanchart will remain with three properties, two of which are in Nairobi and one in Nanyuki. In Nairobi, it’s headquarter sits on a 1.8-acre parcel at Chiromo, Westlands and a 0.38-acre plot on Kenyatta Avenue.
Stanchart has been scaling back on physical branches, relying more on digitisation of its processes. The lender reported that 96 percent of its transactions were done outside of branches.
The digitisation has allowed it to cut back on staff numbers and use of paper.
Stanchart cut its staff by 37 employees in the year ended 2024, leaving its payroll at 1,001. Of those made redundant, 18 were categorised as unionisable and 21 were in the ‘others’ category, which usually comprises support staff.
The lender, which spends on average 542 kilogrammes of paper per month across its network, is pushing to reduce paper usage to 400 kilogrammes, a move that will be supported by digital migration.
