SBM Bank Kenya has financed the purchase of 50 trucks worth $4.44 million (about Sh572 million) by logistics company Beyond Continents Logistics Limited to expand its cargo transport capacity across East Africa.The deal will see the company acquire 50 Shacman Prime Movers fitted with Bhachu trailers to support its import and export business.
SBM Bank Kenya’s Director of Corporate and Institutional Banking, Eric Wambua, said the bank provided financing covering up to 100 percent of the cost of the new trucks, with a repayment period of up to 720 days.
The financing also includes commercial vehicle insurance spread over 10 months to help the company manage its cash flow.Beyond Continents Logistics said the additional trucks would increase its capacity to transport goods as trade volumes grow across local and regional markets.The deal comes as businesses seek to expand transport capacity to support trade across East Africa and the wider African market.
SBM Bank Kenya recently reported a 171.3 percent increase in profit before tax to Sh548 million.Customer deposits grew by 24 percent to Sh94 billion, while net loans and advances rose by 18 percent to Sh54.1 billion.
