Consolidated Bank of Kenya

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Consolidated Bank of Kenya
Type Parastatal
Industry Financial Services
Founded 1989
Headquarters Nairobi, Kenya
Key people Dr. Benson Akong'o Ateng'
Chairman
Geoffrey Ndambuki
Managing Director[1]
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Decrease: Aftertax: US$1.254 million (KES:108.6 million) (2013)
Total assets US$193.7 million (KES:16.8 billion) (2013)
Website Homepage

Consolidated Bank of Kenya (CBOK), commonly known as Consolidated Bank, is a commercial bank in Kenya, East Africa's largest economy. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]

Overview[edit]

Consolidated Bank is a medium-sized financial services provider in Kenya, focusing on meeting the banking needs of small and medium-sized enterprises in the country. As of December 2013, the total asset valuation of the bank was about US$193.7 million (KES:16.8 billion), with shareholders' equity valued at about US$14.34 million (KES:1.242 billion).[3] At that time, the bank was rated number 24, by assets, out of 43 licensed banks in Kenya.[4]

History[edit]

The bank was incorporated in 1989, as a result of the merger of nine insolvent financial institutions. Consolidated Bank aims to meet the banking needs of both individuals and institutions. In the beginning, the institution was limited to collecting the debts of the failed legacy financial institutions. However, the Central Bank of Kenya, issued CBOK with a full commercial banking license in 2001.[5]

Ownership[edit]

The bank is 100% owned by the Government of Kenya. As of December 2013, the bank's stock was owned by the following subsidiaries of the Government of Kenya.[6]

Consolidated Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Deposit Protection Fund 50.2
2 Kenya National Social Security Fund 11.2
3 Kenya National Assurance 2001 5.5
4 Kenya National Assurance Company Limited 4.2
5 Kenya Pipeline Company Limited 3.6
6 Kenya National Examination Council 3.5
7 Kenya Public Trustees 3.3
8 Kenya Posts and Telecommunications Corporation 3.1
9 Kenya National Hospital Insurance Fund 3.0
10 Kenya Local Government Officers Superannuation Fund 2.4
11 Other Shareholders 10.0
Total 100.00

As of December 2013, Consolidated Bank maintains 16 branches in urban areas of Kenya.

See also[edit]

References[edit]

  1. ^ The, Star (7 February 2014). "Kenya: Consolidated Bank Gets New CEO". The Star (Kenya) (Nairobi). Retrieved 19 August 2014. 
  2. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 19 August 2014. 
  3. ^ CBKL, . (31 March 2014). "Audited 31 December 2013 Annual Report And Financial Statements". Consolidated Bank of Kenya Limited (CBKL). Retrieved 18 August 2014. 
  4. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 18 August 2014. 
  5. ^ Business, Daily (19 July 2012). "Consolidated Bank Upbeat As Bond Issue Closes". Business Daily Africa (Nairobi). Retrieved 19 August 2014. 
  6. ^ CBKL, . (31 March 2014). "Audited 31 December 2013 Annual Report And Financial Statements: The Ten Largest Shareholders". Consolidated Bank of Kenya Limited (CBKL). Retrieved 19 August 2014. 

External links[edit]