Victoria Commercial Bank
BIO has granted EUR 16,340 of technical assistance to Victoria Commercial Bank, a high-end SME Corporate Bank based in Kenya.
Amount
$ 19,101.00
Type of investment
Subsidy
Beneficiary locations
Activity
Victoria Commercial Bank PLC (“VCB”) is a high-end SME Corporate Bank that has garnered acclaim for its niche private banking model, catering to business entities and high net-worth individuals. It is licensed and regulated by the Central Bank of Kenya. VCB serves mostly SMEs (92% of the loan book) with lending and deposit products and with a service of private banking. BIO signed a 10M USD loan in March 2022.
Technical assistance
The objective of this TA is to Enhance data protection and risk management in all the bank’s operations and establish a culture of continuous improvement in these two areas.
With the support of an external consultant, VCB will review its existing risk management framework against ISO 31000 standards to ensure that any gaps are addressed, while aligning with global best practices and establishing a robust, structured approach to risk management and operational efficiency.
This will allow to:
- Demonstrate their adherence to internationally recognized standards.
- Strengthen their risk management frameworks.
- Improve operational efficiencies and reduce costs.
- Build greater trust with their stakeholders and clients.
The combined focus on both data protection and ISO 13000 standards internal framework review will reinforce their commitment to ensuring the safety of information while enhancing their organization's overall resilience and compliance capabilities.
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