Family Bank

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Family Bank
Type Private
Industry Financial Services
Founded 1984
Headquarters Nairobi, Kenya
Key people William Kiboro
Chairman[1]
Peter Maina Munyiri
Chief Executive Officer[2]
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax:US$14.1 million (KES:1.2 billion) (2013)[3]
Total assets US$406 million (KES:35 billion) (H1:2013)
Employees 1,003 (2010)
Website Homepage

Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya. It is one of the forty-four licensed commercial banks in the country.[4]

Overview[edit]

Family Bank is a medium-sized commercial bank in Kenya, the largest economy in East Africa. The bank serves individuals and businesses, focusing on the poor and previously un-banked in the country. In August 2011, Kenyan media reported that the bank's assets were 1.4% of all commercial bank assets in the country.[5] As of December 2012, the bank's total assets were valued at approximately US$376.4 million (KES:31 billion), with shareholders equity of approximately US$59.5 million (KES:4.9 billion).[6] By June 2013, the bank's total assets had increased to US$406 million (KES:35 billion).[7]

History[edit]

The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the former non-Executive Chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the Society's life. In 2007, FFBSL transformed into a fully fledged commercial bank, following the issuance of a banking licence by the Central Bank of Kenya, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations.[8] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[9] In October 2010, a consortium consisting of private equity firm AfricInvest, based in Mauritius, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million.[10]

Subsidiaries[edit]

As of June 2012, Family Bank was in the process of establishing a banking subsidiary in South Sudan, in partnership with South Sudanese businesspeople. Family Bank South Sudan was expected to become operational in 2012.[11]

Ownership[edit]

FBL is a privately owned institution. A consortium consisting of the private equity firm Africinvest of Mauritius, FMO of Netherlands and Norfund of Norway acquired 25% shareholding in Family Bank effective October 2010. In May 2012, Kenyan press reports indicated that Family Bank would list shares of its stock on the Nairobi Stock Exchange (NSE) in the second quarter of 2013.[12] The detailed shareholding in the stock of the bank, as of August 2012, is as depicted in the table below:[13]

Family Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Consortium of Africinvest, FMO and Norfund 22.4
2 The Estate of Rachel N. Muya 17.3
3 Nancy Wanjiku Nyagah 10.2
4 Titus Kiondo Muya 6.8
5 Family Bank ESOP 5.0
6 Julius Kiondo 3.5
7 Daykio Plantations 2.9
8 Evans Kidero 1.3
9 Others 30.6
Total 100.00

The bank maintains a network of fifty-four branches around the country.[14]

Governance[edit]

The Chairman of the board of directors is William Kiboro, one of the non-executive directors. Peter Munyiri serves as the managing director and chief executive officer.[15]

See also[edit]

References[edit]

External links[edit]