Commercial Bank of Africa Group
|Headquarters||Upper Hill, Nairobi, Kenya|
|Key people||Desterio Oyatsi
|Revenue||KSH 10.25 Billion (2013)|
|Total assets||KSH 146 billion (2013)|
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.
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.
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. In 2007, United Bank of Africa changed its name to Commercial Bank of Africa (Tanzania). That is how the CBA Group was formed. 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.
The companies that compose the CBA Group include:
- Commercial Bank of Africa (Kenya) – Nairobi, Kenya – 100% shareholding - A commercial bank in Kenya, serving individuals and businesses. This is the flagship company of the group.
- Commercial Bank of Africa (Tanzania) – Dar es Salaam, Tanzania – 100% shareholding - A commercial bank in Tanzania, serving both individuals and businesses.
- Commercial Bank of Africa (Uganda) – Kampala, Uganda  – 100% shareholding - A commercial bank in Tanzania, serving both individuals and businesses.
- CBA Insurance Agency Limited – Nairobi, Kenya – 100% shareholding - Offering Bancassurance services. NIC Group owns 100% of the company.
- CBA Property Holdings Limited – Nairobi, Kenya – 100% shareholding - Property Holding company
- AIG Kenya Insurance Company Limited – Nairobi, Kenya – 33.33% shareholding the held by the American International Group. - Offering general insurance.
The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the Group CEO.
- Website of Commercial Bank of Africa
- Website of Commercial Bank of Africa (Tanzania)
- Shareholders & Regulators Approve CBA's Investment In Royal Bank Zimbabwe
- Commercial Bank of Africa
- Commercial Bank of Africa (Tanzania)
- List of banks in Kenya
- List of banks in Tanzania
- Economy of Kenya
- Economy of Tanzania
- Desterio Oyatsi Named CBA Group Chairman
- The CBA Board of Directors
- CBA Group Annual Report 2013
- CBA Group's Total Assets Nearly One Billion American Dollars
- CBA Acquired Majority Shareholding in First American Bank of Kenya In 2005
- United Bank of Africa Renamed Commercial Bank of Africa (Tanzania) In 2007
- Royal Bank Shuts Down
- CBA Group Annual Report 2013
- Commercial Bank of Africa Expected To Enter Uganda In 2012
- About AIG Kenya
- Directors of CBA