Commercial Bank of Africa Group

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Commercial Bank of Africa Group
Type Private
Industry Banking, Finance
Founded 1962
Headquarters Upper Hill, Nairobi, Kenya
Key people Desterio Oyatsi
Group Chairman[1]
Isaac Awuondo
Group CEO[2]
Products Banks
Revenue KSH 10.25 Billion (2013)
Total assets KSH 146 billion (2013)[3]
Employees 864 (2013)
Website Homepage

Commercial Bank of Africa Group (CBA Group) is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania and Uganda.

Location[edit]

The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania and Uganda. The flagship company of the group is Commercial Bank of Africa, with headquarters in Upper Hill, an upscale suburb of Nairobi, Kenya's capital and largest city.

Overview[edit]

The CBA Group is a large financial services group in East Africa, with an asset base estimated at almost US$1 billion, with shareholders' equity of approximately US$100 million.[4]

History[edit]

Commercial Bank of Africa was established in 1962 in Dar es Salaam, Tanzania. Branches of the bank were established in Nairobi and Mombasa, Kenya. Another branch was opened in Kampala, Uganda. When Tanzania nationalized all commercial banks in 1967, the bank moved its headquarters to Nairobi. In 1971, the Ugandan operation was sold due to the then prevailing political instability in the country. In July 2005, Commercial Bank of Africa (CBA) acquired majority shareholding in First American Bank of Kenya. At that time First American owned a subsidiary in Tanzania called United Bank of Africa.[5] In 2007, United Bank of Africa changed its name to Commercial Bank of Africa (Tanzania). That is how the CBA Group was formed.[6] In March 2012, CBA Group initiated action to acquire a 49% stake in Royal Bank Zimbabwe, a Harare-based commercial bank. However, while those negotiations were ongoing, Royal Bank was determined to be insolvent by the Reserve Bank of Zimbabwe. Royal Bank then surrendered its banking licence and closed down.[7]

Group members[edit]

The companies that compose the CBA Group include:[8]

Governance[edit]

The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the Group CEO.[11]

External links[edit]

See also[edit]

References[edit]