Development Bank of Kenya
| Industry | Financial services |
|---|---|
| Founded | 1963 |
| Headquarters | Loita Street, Nairobi, Kenya |
Key people | H.K. Mengech Chairman Victor Kidiwa Chief Executive Officer |
| Revenue |  Aftertax: US$832,200 (KES:71.953 million (2013) |
| Total assets | US$180 million (KES:15.58 billion) (2013) |
| Website | devbank |
Development Bank of Kenya (DBK), is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]
Overview
DBK is a medium-sized financial institution providing an array of financial services to both individuals and businesses. As of December 2013[update], the total asset valuation of the bank was approximately US$180 million (KES:15.58 billion), with shareholder's equity of about US$21 million (KES:1.822 billion).[2] At that time, the bank was ranked number 26, by assets, among the 43 licensed banks in Kenya.[3]
History
Development Bank of Kenya was established in 1963 as a non-banking financial institution. Its primary focus at that time was to promote and develop commercially viable projects in Kenya. In 1964, DBK began financing development projects as a Development Finance Institution (DFI). As part of the banking reforms of 1996, DBK converted to a commercial bank and began accepting customer deposits.[4]
Ownership
Shareholding in DBK at its inception included (a) the Government of Kenya, through the Industrial and Commercial Development Corporation (ICDC), (b) the British Government, through Commonwealth Development Corporation (CDC) and (c) the Government of Germany, through the German Investment Corporation (DEG). In 1967, the Dutch Government, through the Netherlands Development Finance Company (FMO), became the fourth shareholder. In 1981, the World Bank, through the International Finance Corporation (IFC), became the fifth shareholder. Over the years, the non-Kenyan shareholders have divested from the bank and shareholding in DBK is as depicted in the table below:[5]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Industrial and Commercial Development Corporation (ICDC) | 89.3 |
| 2 | TransCentury Investments | 10.7 |
| Total | 100.00 |
Branch network
As of August 2014[update], the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has one branch on the ground floor of its headquarters building.[6]
- Main Branch - Finance House, Loita Street, Nairobi
See also
References
- ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Retrieved 12 August 2014.
{{cite web}}:|first=has numeric name (help) - ^ DBKL (March 2014). "Audited 31 December 2013 Financial Statement" (PDF). Development Bank of Kenya Limited (DBKL). Retrieved 12 August 2014.
- ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 12 August 2014.
{{cite web}}:|first=has numeric name (help) - ^ DBKL, . "Development Bank of Kenya: Historical Background". Development Bank of Kenya Limited (DBKL). Retrieved 12 August 2014.
{{cite web}}:|first=has numeric name (help) - ^ DBKL. "Development Bank of Kenya Limited: Shareholders". Development Bank of Kenya Limited (DBKL). Retrieved 12 August 2014.
- ^ Experience Kenya, . "The Addresses of the Headquarters of Kenyan Commercial Banks". ExperienceKenya.Co.Ke © 2013 Experience Kenya. Retrieved 12 August 2014.
{{cite web}}:|first=has numeric name (help)
