Registered legal firms will now enjoy corporate solutions and staff loan schemes through Family Bank’s new product that targets both business and individual trade needs of the legal business sector.
The benefits range from bank guarantee package for court payments, professional indemnity against liability, corporate fee note discounting, among others. The new product package for advocates bundles a set of services tailored for lawyers who are legally required to operate two separate accounts – for clients and the firms’ administrative work.
“We are strategic with our intention of being a financial institution that leads to positive transformation of people’s lives in Africa. This is why we have a dedicated product that is intended to meet both personal and business needs of the legal fraternity,” said Dr. David Thuku, Managing Director at Family Bank. “Lawyers can now take advantage of the growth opportunity for their businesses and better servicing of their clients’ needs through the array of products available to them; as businesses and as individuals,” added Dr. Thuku.
The product package includes a business current account that requires a minimum opening balance of Ksh 5,000. A Ksh 500 ledger fee will be applicable if the monthly average cleared account balance is less than Ksh 1 Million. Added to this, is a checkbook, internet banking, free salary processing and free over-the-counter cash deposits.
“With Family Bank, legal firms can now enjoy business solutions such as competitive range on call and term deposits, bank guarantee package for court payments, professional indemnity against liability, corporate fee note discounting and competitively packaged staff banking products and services in various currencies including U.S. Dollar, British Pound, Shilling, and Euro,” said Collins Owiti, Sector Manager, SME Banking. “We have also assigned every law firm to a dedicated relationship manager to enhance the personalized customer experience,” he added.
The new product extends business loans to legal firms which can be used for a variety of needs such as office expansion, executive office space financing, financing for Kenya Law Reports and library materials for in-house libraries among other needs.
This product covers loan to value up to 100% finance for clearly supported intended purpose up to 60 months’ tenure at a 14% interest in reducing the balance.