Commercial Bank of Africa

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Commercial Bank of Africa
Type Private Subsidiary
Industry Banking
Founded 1962
Headquarters Upper Hill, Nairobi, Kenya
Key people Desterio Oyatsi
Chairman
Isaac Awuondo
Managing Director
Products Loans, credit cards, savings, investments, mortgages
Revenue Increase Aftertax:US$36 million (KES:3.123 billion) (2012)
Total assets US$1.363 billion (KES:118.3 billion) (2012)
Employees 728 (2012)
Website Homepage

Commercial Bank of Africa (CBA) is a financial services provider headquartered in Nairobi, Kenya, the largest economy in East Africa. CBA is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]

Overview[edit]

As of December 2012, the bank was one of the largest commercial banks in Kenya with assets of approximately US$1.363 billion (KES:118.3 billion), with shareholders' equity of approximately US$148.31 million (KES:12.9 billion).[2] It is the largest privately owned commercial bank in Kenya, according to its website. The bank focuses on serving the banking needs of large corporations, diplomatic missions, NGOs and high networth private clients.

Commercial Bank of Africa Group[edit]

Commercial Bank of Africa (Kenya) is a member of the CBA Group of companies. These include:

The CBA Group is a large financial services group in Eastern Africa, with an asset base estimated at almost US$1.5 billion, with shareholders' equity of approximately US$150 million, as of August 2014.

History[edit]

The bank was founded in 1962 in Dar es Salaam, Tanzania. Soon, branches were opened in Nairobi & Mombasa, Kenya and in Kampala, Uganda. When Tanzania nationalised private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.

At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert, Commerz Bank and Bank of America. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of Kenyan investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.

Ownership[edit]

Commercial Bank of Africa is privately owned by twenty-six investors including the family of the Uhuru Kenyatta, Kenya's fourth president.[4]

Governance[edit]

The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the managing director.[5]

External links[edit]

See also[edit]

References[edit]

  1. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies". Central Bank of Kenya (CBK). Retrieved 4 August 2014. 
  2. ^ CBA, . "CBA Financial Summary: CBA Annual Report & Financial Statements From 2008 to 2012". Commercial Bank of Africa (CBA). Retrieved 4 August 2014. 
  3. ^ Nakaweesi, Dorothy (22 January 2014). "Commercial Bank of Africa Returns To Ugandan Market". Daily Monitor. Retrieved 4 August 2014. 
  4. ^ "Kenya's CBA Bank Says Core Flaws Keep Rates High". Daily Nation. Retrieved 4 August 2014. 
  5. ^ Directors of CBA