|Key people||William Kiboro
Peter Maina Munyiri
Chief Executive Officer
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Revenue||Aftertax:US$14.2 million (KES:1.23 billion) (2013)|
|Total assets||US$503 million (KES:43.5 billion) (2013)|
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.
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[update], 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). At that time, Family Bank was ranked number 18, by assets, out of 43 banks in the country.
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. Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.
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.