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)|
Number of employees
|Slogan||"Positively Transforming Life"|
Family Bank Limited (FBL), commonly known as Family Bank, 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.
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.
|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|
|5||Titus Kiondo Muya||6.8|
|6||Family Bank ESOP||5.0|
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.
- Njiru, John (2 November 2012). "Kiboro Joins Family Bank As Chairman". Daily Nation. Retrieved 11 August 2014.
- Juma, Victor (20 June 2011). "Kenya: Ex-KCB Executive To Head Family Bank". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- Business Daily, Reporter (26 March 2014). "Family Bank Doubles Profit To KSh1.2 Billion". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 11 August 2014.
- FBL, . (14 March 2014). "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Family Bank Limited (FBL). Retrieved 11 August 2014.
- Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 11 August 2014.
- FBL, . "Profile of Family Bank Limited". Family Bank Limited (FBL). Retrieved 11 August 2014.
- Langat, Anthony (6 August 2014). "Kenya: Family Bank Outlines Branch Expansion Plans". CAJ News Agency (Johannesburg) via AllAfrica.com. Retrieved 11 August 2014.
- Mutegi, Mugambi (18 December 2012). "Equity Firms Sell Family Bank Stake To KTDA, Laptrust". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- Otini, Rawlings (19 March 2012). "Family Bank To Spend KSh600 Million On New Branches This Year". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- FBL, . "The Branch Network of Family Bank Limited". Family Bank Limited (FBL). Retrieved 11 August 2014.
- Ondari, Justus (19 June 2011). "Former KCB Manager Heads To Family Bank As Chief Executive". Daily Nation (Nairobi). Retrieved 11 August 2014.
- Website of Family Bank
- Website of Central Bank of Kenya
- Rankings of Kenyan Commercial Banks By Assets 2009
- Peter Munyiri Takes Over As Family Bank CEO