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 IncreaseAftertax:US$14.2 million (KES:1.23 billion) (2013)[3]
Total assets US$503 million (KES:43.5 billion) (2013)
Employees 1,003 (2010)
Website Homepage

Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya the largest economy in East Africa. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[4]

Overview[edit]

Family Bank is a medium-sized commercial bank in Kenya. The bank serves individuals and businesses, focusing on the poor and previously un-banked in the country. As of December 2013, the bank's total assets were valued at approximately US$503 million (KES:43.5 billion), with shareholders' equity of about US$69 million (KES:5.97 billion).[5] At that time, Family Bank was ranked number 18, by assets, out of 43 banks in the country.[6]

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 license 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.[7] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[8]

Ownership[edit]

The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES:1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE), in 2015.[9]

Family Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 The Estate of Rachel N. Muya 17.3
2 Kenya Tea Development Agency (KTDA) 15.0
3 Nancy Wanjiku Nyagah 10.2
4 Laptrust 7.3
5 Titus Kiondo Muya 6.8
6 Family Bank ESOP 5.0
7 Julius Kiondo 3.5
8 Daykio Plantations 2.9
9 Evans Kidero 1.3
10 Others 30.7
Total 100.00

Branch network[edit]

The bank maintains a network of nearly 90 branches as of August 2014, with plans to have over 100 networked branches by the end of 2015.[10][11]

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.[12]

See also[edit]

References[edit]

  1. ^ Njiru, John (2 November 2012). "Kiboro Joins Family Bank As Chairman". Daily Nation. Retrieved 11 August 2014. 
  2. ^ Juma, Victor (20 June 2011). "Kenya: Ex-KCB Executive To Head Family Bank". Business Daily Africa (Nairobi). Retrieved 11 August 2014. 
  3. ^ Business Daily, Reporter (26 March 2014). "Family Bank Doubles Profit To KSh1.2 Billion". Business Daily Africa (Nairobi). Retrieved 11 August 2014. 
  4. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 11 August 2014. 
  5. ^ FBL, . (14 March 2014). "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Family Bank Limited (FBL). Retrieved 11 August 2014. 
  6. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 11 August 2014. 
  7. ^ FBL, . "Profile of Family Bank Limited". Family Bank Limited (FBL). Retrieved 11 August 2014. 
  8. ^ Langat, Anthony (6 August 2014). "Kenya: Family Bank Outlines Branch Expansion Plans". CAJ News Agency (Johannesburg) via AllAfrica.com. Retrieved 11 August 2014. 
  9. ^ Mutegi, Mugambi (18 December 2012). "Equity Firms Sell Family Bank Stake To KTDA, Laptrust". Business Daily Africa (Nairobi). Retrieved 11 August 2014. 
  10. ^ Otini, Rawlings (19 March 2012). "Family Bank To Spend KSh600 Million On New Branches This Year". Business Daily Africa (Nairobi). Retrieved 11 August 2014. 
  11. ^ FBL, . "The Branch Network of Family Bank Limited". Family Bank Limited (FBL). Retrieved 11 August 2014. 
  12. ^ Ondari, Justus (19 June 2011). "Former KCB Manager Heads To Family Bank As Chief Executive". Daily Nation (Nairobi). Retrieved 11 August 2014. 

External links[edit]