Chase Bank (Kenya)
|Key people||Osman Murgian
Chief Executive Officer
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Revenue||Aftertax: US$5 million (KES:427 million) (Q1:2014)|
|Total assets||US$1.1 billion (KES:90.7 billion) (Q1:2014)|
Chase Bank (Kenya) is a large financial services provider in Kenya, with an estimated asset valuation of approximately US$1.1 billion (KES:90.7 billion), as of March 2014. As of November 2013[update], the bank's shareholders' equity was valued at about US$84.6 million (KES:7.3 billion). At the end of 2013, Chase Bank (Kenya), was ranked 12th in size by assets, out of 43 commercial banks operating in the country at that time.
In 1995, several business people acquired a 60% stake in United Bank (Kenya), after paying approximately US$1.23 million (Kenya Shillings 95 million). At that time the bank's headquarters were located in the western town of Kisumu, approximately 380 kilometres (240 mi), by road, northwest of Nairobi, Kenya's capital and largest city.
Then, United Bank (Kenya) was in receivership and was under statutory administration by the Central Bank of Kenya, the country's banking regulator. Its paid-up capital, then, was approximately US$970,000 and it had an asset base valued at approximately US$1.9 million. In 1996, the bank opened for business under the new owners who rebranded to its present name. In 1997, a decision was made to relocate the bank's only branch at the time, from Kisumu to Nairobi. Over the years, Chase Bank (Kenya) has progressively improved its bottom line by growing its customer base and increasing its profitability.
In March 2013, Amethis Finance, a development finance company based in Paris, France, invested US$10.5 million (KES:900 million) into the bank, thereby taking an equity position in Chase Bank (Kenya). In October 2013, a European Private Equity Fund, invested KSh1.5 billion into the bank, taking up an equity position into the institution. As of November 2013[update], the shareholders in the stock of the bank is summarized in the table below:
|Stock Ownership In Chase Bank (Kenya)|
The Chase Group of companies currently comprises Conventional and Shariah Compliant (Chase Iman) banking products and services, bancassurance products (Chase Assurance), stock brokerage (Genghis Capital) and off share investments (Winton Offshore Investments). In addition, the Group also has micro-finance services offered via Rafiki Microfinance, a deposit-taking microfinance institution. Currently Rafiki is the only East African deposit taking micro-finance entity wholly owned by a banking institution.
The bank is governed by a five-person board of directors. Osman Murgian, one of the non-Executive Directors is the Chairman of the Board. Zafrullah Khan serves as the Managing Director. Duncan Kabui, serves as the Chief Executive Officer, and is also a member of the board of directors.