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CfC Stanbic bank completes installation of new banking platform

CfC Stanbic Bank has installed a new core banking platform, Temenos (T24), the last phase in the integration of its operations. “Following the merger of CfC and Stanbic it was imperative to bring the two operating environments onto a single platform to enable us provide better service to our customers by having an integrated view of our client base and product set,” said CfC Stanbic Bank chief operations officer, Boniface Makumbi. The two banks merged in 2008 in a Sh16 billion deal to create Kenya’s fourth largest bank. Previously both banks were running their operations on Bankmaster system which could not integrate their different operations with CfC having a focus on retail bank while Stanbic bank was largely focused on corporate banking. “The new core banking platform is expected to provide the flexibility required on the retail banking side which is actively developing,” said Mr Makumbi. The implementation of the new system will centralise back office functions allowing the bank to redeploy staff to attend to customers. Whereas the banks have largely retained their independent operations, integration will help reduce the cost of operations, enhance efficiency and overall oversight of the bank operation.