KCB Bank Kenya Limited

KCB Bank Kenya Limited
Private company
Industry Banking
Founded 2015
Headquarters Kencom House, Moi Avenue, Nairobi, Kenya
Key people
 Peter Muthoka, Chairman
Joshua Oigara, chief executive officer
Products Loans, credit cards, savings, investments, mortgages
Revenue Increase: Aftertax: US$104.9 million (KES:8.8 billion) (2010)
Total assets US$3.681 billion+ (KES:366 billion) (2015)
Parent KCB Group
Website Homepage

KCB Bank Kenya Limited, also KCB Bank Kenya, is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the central bank and national banking regulator.[1]

Overview

As of December 2015, KCB Bank Kenya was the largest commercial bank in Kenya with assets of more than US$3.681 billion (KES:366 billion) and US$2.776 billion (KES:276 billion) in customer deposits.[2]

History

KCB Bank Kenya roots trace back to July 1896 when its parent company, KCB Group, was formed as a branch of the National Bank of India in Mombasa. In 1958, Grindlays Bank merged with the National Bank of India to form the National and Grindlays Bank. Upon independence, the Government of Kenya acquired 60% shareholding in National & Grindlays Bank in an effort to bring banking closer to the majority of Kenyans. In 1970, the Government took full control of the Bank and renamed it to Kenya Commercial Bank Group.

KCB Bank Kenya, as we now know it, was incorporated in 2015 as a result of the corporate restructure of Kenya Commercial Bank Group (KCB Group) Prior to November 2014, Prior to 2015, KCB Group was both a licensed bank and a holding company for its subsidiaries.[3] This was in compliance with the Kenya Finance Act No.57 of 2012. KCB Group Limited announced, in April 2015, its intention to incorporate a new wholly owned subsidiary, KCB Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. The re-organisation converted KCB Group Limited into a non-trading holding company that owns both banking and non-banking subsidiary companies.[3]

Ownership

KCB Bank Kenya is a wholly owned subsidiary of the KCB Group. Making it a member of the KCB Group.

Kenya Commercial Bank Group

Main article: KCB Group Limited

Kenya Commercial Bank is a member of the KCB Group of companies. KCB Group companies include:[4]

Shares of Kenya Commercial Bank Group (KCB Group) are listed on the Nairobi Stock Exchange (NSE), under the symbol (KCB). The Group's stock is also cross listed on the Uganda Securities Exchange (USE), the Rwanda Stock Exchange (RSE) and the Dar es Salaam Stock Exchange (DSE).[5]

Branch network

As of December 2015, KCB has more than 250 branches throughout Kenya, making it the largest banking network in the country. It has the largest number of own-branded ATMs in Kenya. At that time, it served over 7 million account holders.[6]

Officers & Management

The Chairman of the bank's board of directors is Ng'eny Biwott and the managing director and the chief executive officer of the bank is Joshua Oigara.[3]

See also

References

  1. ↑ CBK (19 April 2016). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorised Non-Operating Bank Holding Companies: Commercial Banks" (PDF). Central Bank of Kenya (CBK). Retrieved 19 April 2016.
  2. ↑ Achuka, Vincent (16 April 2016). "Kenya: Local and Foreign Suitors Jostle to Buy Chase Bank". Daily Nation via AllAfrica.com. Nairobi. Retrieved 19 April 2016.
  3. 1 2 3 KCBGL (22 April 2015). "Ratification of Incorporation of Wholly Owned Subsidiary And Proposal For The Transfer of Banking Business, Assets And Liabilities To That Subsidiary" (PDF). Nairobi: KCB Group Limited (KCBGL). Retrieved 20 April 2016.
  4. ↑ KCBGL (15 May 2015). "KCB Shareholders Approve New Group Holding Company, Dividend Payout". Nairobi: KCB Group Limited (KCBGL). Retrieved 20 April 2016.
  5. ↑ Anyanzwa, James (30 January 2016). "Cross-listed stocks could cut growth of bourses". The EastAfrican. Nairobi. Retrieved 20 April 2016.
  6. ↑ Managing Editor (22 December 2015). "Kenya Commercial Bank Analysis". Nairobi: Kenyanwallstreet.com. Retrieved 20 April 2016.

External links

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