Kenya Commercial Bank Group

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Kenya Commercial Bank Group
Type Public
Traded as KN: KCB
Industry Banking
Founded 1896
Headquarters Kencom House, Moi Avenue
Nairobi, Kenya
Key people Joshua N. Oigara
Chief Executive Officer
Products Credit cards, Loans, Mortgages, Investments
Revenue IncreaseAftertax US$167.9 million (KES:14.3 billion) (2013)
Total assets US$4.57 billion (KES:385.2 billion) (H3:2013)
Website www.kcbbankgroup.com

Kenya Commercial Bank Group, also known as KCB Group, is a financial services organization based in the African Great Lakes region. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda.

Overview[edit]

As of December 2012, KCB Group was the largest financial services organization in the African Great Lakes, with an estimated asset valuation of about US$4.36 billion (KES:367.4 billion), and shareholders' estimated at US$632.8 million (KES:53.34 billion).[1] By September 2013, the Group's total assets had increased to US$4.57 billion (KES:385.2 billion).[2]

KCB Group has the widest network of banking outlets comprising over 222 branches and over 400 automated teller machines in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda.[3] In March 2011, media reports indicated that the group was pursuing expansion plans into the Democratic Republic of the Congo, Ethiopia and Zambia.[4]

History of KCB Group[edit]

The history of Kenya Commercial Bank Limited dates back to July 1896, when its predecessor, the National Bank of India opened a branch in Mombasa to handle the business that the port was attracting at that time. In 1958, Grindlays Bank merged with the National Bank of India to form the National and Grindlays Bank. Upon independence, the Government of Kenya acquired 60% shareholding in National & Grindlays Bank in an effort to bring banking closer to the majority of Kenyans.  In 1970, the Government acquired 100% of shareholding in the Bank to take full control of the largest commercial bank in Kenya. National and Grindlays Bank was then renamed Kenya Commercial Bank. In 1972, Kenya Commercial Bank acquired Savings & Loan Kenya Limited, which specialized in the provision of mortgage finance.

KCB Tanzania Limited was incorporated in Dar es Salaam in 1997. Since then, KCB has opened 11 more branches in Tanzania. In May 2006, KCB extended its operations to Southern Sudan following licensing of KCB Sudan. This subsidiary now has over 20 branches in Southern Sudan. In November 2007, KCB Bank Uganda Limited was opened. KCB currently has 14 branches in Uganda. In December 2008, KCB Rwanda began operations with one branch at Kigali. There are currently 11 branches spread out in the country. KCB recently opened a new Branch in Burundi; becoming the first bank in the region to be presented in all the African Great Lakes countries.

In 1988, the first 20% of the Government’s shares in the company were sold through a public offering on the Nairobi Stock Exchange. The Government has over the years reduced its shareholding to 23.6%. In the rights issue of 2010, the Government further reduced its shareholding to 17.75%.

KCB Branches[edit]

KCB Subsidiary No. of Branches
KCB Burundi 2
KCB Kenya 175
KCB Rwanda 11
KCB South Sudan 20
KCB Tanzania 11
KCB Uganda 14

Member Companies[edit]

The companies that comprise the KCB Group include but are not limited to the following: [5]

The stock of KCB Group is traded on the Nairobi Stock Exchange. The stock is cross listed on the Uganda Securities Exchange, the Rwanda Stock Exchange and on the Dar es Salaam Stock Exchange under the symbol KCB.[7]

See also[edit]

References[edit]

External links[edit]