ABC Bank (Kenya)

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ABC Bank (Kenya)
Private
Industry Financial Services
Founded 1984 (1984)
Headquarters ABC Bank House,Woodvale Grove, Westlands, Nairobi, Kenya
Key people
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue Increase US$4.894 million (KES:422.33 million) (2013)
Total assets US$227.6 million (KES:19.64 billion) (2013)
Number of employees
300+
Website www.abcthebank.com

ABC Bank (Kenya), whose full name is African Banking Corporation Limited, is a commercial bank in Kenya. It is one of the forty-three licensed commercial banks in the country.[1]

The bank provides banking services to large corporations, medium-sized businesses, small business enterprises as well as individuals. As of December 2013, the bank's assets were valued at approximately US$227.6 million (KES:19.64 billion), with shareholders' equity of approximately US$28.4 million (KES:2.45 billion).[2] At that time, the bank was ranked number 23, by assets, out of 43 commercial banks in Kenya.[3]

History[edit]

ABC Bank (Kenya) started operations in 1984, as a non-bank financial institution called Consolidated Finance Company. In 1995, after obtaining a banking license from the Central Bank of Kenya, the institution began commercial banking operations and changed its name to African Banking Corporation Limited, commonly referred to as ABC Bank (Kenya).

In 2008, ABC Bank (Kenya) began negotiations to acquire Capital Finance Corporation Limited, a Tier III Ugandan Financial Institution.[4] A commercial banking license was awarded in 2009 by the Bank of Uganda. Full commercial banking operations in Uganda, commenced in 2010. In February 2010, the bank rebranded to ABC Capital Bank.[5] ABC Bank holds a 68% shareholding in ABC Capital Bank based in neighboring Uganda.

As of July 2014, the bank offers a variety of banking services including Internet banking and mobile (wireless) banking.[6]

Subsidiaries[edit]

ABC Bank (Kenya) owns the following subsidiaries, either in whole or in part:

  1. ABC Capital Bank, Kampala, Uganda (Commercial Bank) - 68% shareholding
  2. ABC Capital Limited, Nairobi, Kenya (Stock brokerage) - 100% shareholding
  3. ABC Insurance Limited, Nairobi, Kenya (Insurance brokerage) - 100% shareholding.

Branch network[edit]

As of August 2014, ABC Bank (Kenya) maintains the following branches: [7]

Head Office - ABC Bank House, Woodvale Grove,Westlands, Nairobi

  1. Westlands Branch - Westlands, Nairobi
  2. Koinange Street Branch - Koinange Street, Nairobi
  3. Libra House Branch - Libra House, Mombasa Road, Nairobi
  4. Industrial Area Branch - ABC Bank Building, Dar es Salaam Road, Nairobi
  5. Kisumu Branch - Jubilee House, Oginga Odinga Road, Kisumu
  6. Meru Branch - Moi Avenue, Meru
  7. Eldoret Branch - Zul Arcade, Oginga Odinga Road, Eldoret
  8. Mombasa Branch - Shariff Nasser Investment Building, Moi Avenue, Mombasa
  9. Nakuru Branch - Saifee House, Kenyatta Avenue, Nakuru
  10. Lamu Branch - Seafront, Lamu

See also[edit]

References[edit]

  1. ^ CBK, . "Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Retrieved 4 August 2014. 
  2. ^ ABCBK, . "Audited Financial Statements And Other Disclosures As At 31 December 2013". ABC Bank Kenya (ABCBK). Retrieved 4 August 2014. 
  3. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets 2013". Bankelele.Co.Ke. Retrieved 4 August 2014. 
  4. ^ Mbanga, Jeff (12 November 2008). "Kenyan Bank Set To Buy Capital Finance". The Observer (Uganda). Retrieved 4 August 2014. 
  5. ^ Anami, Luke (26 October 2010). "ABC Bank Joins The Fray, Goes To Uganda". The Standard (Kenya). Retrieved 4 August 2014. 
  6. ^ Duncan Miriri, and Jason Neely (28 May 2014). "Kenya's ABC Bank Raises $12 Million Via Bond". Reuters. Retrieved 4 August 2014. 
  7. ^ ABCBK, . "ABC Bank Branch Locator". ABC Bank Kenya (ABCBK). Retrieved 4 August 2014.