Chase Bank (Kenya)
| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 1996 |
| Headquarters | Nairobi, Kenya |
| Key people | Osman Murgian Chairman Zafrullah Khan managing director Duncan Kabui chief executive officer |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |  Aftertax: US$7.3 million (KES:602 million) (2011) |
| Total assets | US$302+ million (KES:24.8 billion) (2011) |
| Employees | 300+ |
| Website | Homepage |
Chase Bank (Kenya) (CBK), is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[1]
Contents |
Overview[edit]
Chase Bank (Kenya) is a medium-sized financial services provider in Kenya, with an estimated asset valuation in excess of US$302 million (KES:24.8 billion), as of December 2011. At the time, shareholders' equity was valued at about US$30.5 million (KES:2.5 billion).[2] As of August 2010[update], Chase Bank (Kenya), was ranked 22nd in size by assets, out of 44 commercial banks operating in the country at that time.[3] It is one of three Kenyan commercial banks which partner with Universal Payment Services (UPS), a software services company from the Middle East, for processing of their credit card payments.[4] The bank serves the banking needs of individuals, small businesses and large corporations.
History[edit]
In 1995, several businesspeople acquired a 60% state 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 330 kilometres (210 mi), by road, northwest of Nairobi, Kenya's capital and largest city.[5] 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.[6]
Ownership[edit]
As of March 2013[update], Chase Bank (Kenya) is a privately held company. The majority of the bank's shares are held by institutional investors. In March 2013, Amethis Finance, a development finance company based in Paris, France, invested US$10.5 million (KES:898.8 million) into the bank, thereby taking an equity position in Chase Bank (Kenya).[7]
Subsidiaries[edit]
The bank maintains the following wholly or partially owned subsidiary companies, as of August 2012:[8]
- Rafiki Microfinance Limited – A deposit-taking microfinance company – Nairobi, Kenya
- Genghis Capital Limited – A stock brokerage firm – Nairobi, Kenya
Governance[edit]
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.[9] Zafrullah Khan serves as the managing director. Duncan Kabui, serves as the chief executive officer, a non-board position at this institution.
External links[edit]
See also[edit]
References[edit]
- ^ List of Licensed Commercial Banks In Kenya
- ^ December 2011 Financial Data
- ^ Chase Bank (Kenya) Is 22nd Largest by Assets
- ^ Chase Bank (Kenya) Partners with Universal Payment Services
- ^ Road Distance Between Kisumu and Nairobi with Map
- ^ History of Chase Bank (Kenya)
- ^ Chase Bank Gets Sh898.8 Million Capital Boost...
- ^ Subsidiary Companies of Chase Bank Kenya
- ^ The Directors of Chase Bank (Kenya)
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