|Type||Public company: NSE: NINC|
|Products||Loans, Savings, Checking, Investments, Debit Cards, Credit Cards|
|Revenue||Aftertax:US$32.4 million (KES:2.71 billion) (2011)|
|Total assets||US$945 million (KES:79 billion) (2011)|
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.
NIC Bank is a large financial services provider in East Africa. Headquartered in Nairobi, Kenya, the bank owns subsidiary companies in Kenya, Uganda and a controlling interest (51% shareholding), in NIC Bank Tanzania, a commercial bank in neighbouring Tanzania. In May 2012, NIC Bank opened a 100% subsidiary, NC Bank Uganda. As of December 2011[update], NIC Bank's total asset base was valued at about US$945 million (KES:79 billion), with shareholder's equity of approximatelyUS$126 million (KES:10.5 billion).
NIC Bank market share stood at 4.32 per cent at the end of 2012.
The bank was founded in 1959 as a joint venture by Standard Bank Limited and Mercantile Credit Company Limited, both headquartered in the United Kingdom at that time. NIC was initially a non-bank financial institution (NBFI). In 1971, NIC became a public company, by listing on the Nairobi Stock Exchange, where it still trades today under the symbol: NNIC.
In 1995, the Central Bank of Kenya required all NBFIs in the country to either convert to fully fledged commercial banks or close shop. NIC applied for and was granted a banking license that same year. In 1997, NIC Bank merged with African Mercantile Bank Limited (AMBank), a Kenyan financial institution. In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank with approximately US$30 million in assets and approximately US$5 million in shareholder's equity at the time. As of March 2011[update], Savings and Finance Commercial Bank has rebranded to NIC Bank Tanzania. In November 2011, Kenyan press reports indicated that NIC Bank was in advanced stages of opening a banking subsidiary in neighbouring Uganda.
NIC Bank Group
- NIC Bank – Retail banking – Nairobi, Kenya 100% Shareholding
- NIC Capital – Investment banking – Nairobi, Kenya 100% Shareholding
- NIC Capital Securities – Securities brokerage – Nairobi, Kenya – 100% Shareholding
- NIC Bank Tanzania – Retail banking – Dar es Salaam, Tanzania 51% Shareholding
- NC Bank Uganda – Retail banking – Kampala, Uganda 100% Shareholding