Standard Chartered Kenya

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Standard Chartered Bank Kenya
Type Public: NSE:SCBK
Industry Financial Services
Founded 1910
Headquarters Nairobi, Kenya
Key people Anne Mutahi
Chairperson
Lamin Manjang[1]
Chief Ex ecutive Officer
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$108.7 million (KES:9.26 billion) (2013)[2][3]
Total assets US$2.539 billion (KES:220.39 billion) (2013)
Employees 1,040+ (2011)
Website www.sc.com/ke

Standard Chartered Kenya, whose official name is Standard Chartered Bank (Kenya) Limited, but is sometimes referred to as Stanchart Kenya, is a commercial bank in Kenya. It is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered. Stanchart Kenya is one of the banks licensed by the Central Bank of Kenya, the central bank and national banking regulator, in the largest economy in East Africa.[4]

Overview[edit]

Standard Chartered Kenya is a large financial services provider in Kenya. As of December 2013, the bank's total assets were valued at about US$2.539 billion (KES:220.39 billion), with shareholders' equity of about US$417.1 million (KES:36.2 billion).[5] At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country.[6]

History[edit]

According to the website of the Central Bank of Kenya, the Standard Bank of British South Africa received its commercial banking license in 1910 to start banking operations in British East Africa. In January 1911, it opened its first two branches, one in the national capital, Nairobi, and another in the port city of Mombasa.[7]

In 1969, the bank's name was changed to Standard Chartered Bank of Kenya when the its parent company, the Standard Bank of South Africa, merged with the Chartered Bank of India, Australia and China forming the Standard Chartered Bank. In 1987, Standard Chartered sold all its shareholding in Standard Bank of South Africa, entirely divesting from the group.[8]

The stock of Standard Chartered Kenya was listed on the Nairobi Securities Exchange (NSE) in 1989,[9] offering 21 million shares to the public. This was the largest single placing at the NSE at the time. As of August 2014, the bank had a network of 34 branches, 90 Automated Teller Machines (ATMs) and nearly 1,700 employees.

Ownership[edit]

The stock of the bank is listed on the Nairobi Stock Exchange, where it trades under the symbol:SCBK. The shareholding in the bank is summarized in the table below:[10]

Stanchart Kenya Stock Ownership
Rank Name of Owner Percentage Ownership
1 Standard Chartered Group 74.00
2 32,000+ Institutional & Individual Investors on the Nairobi Stock Exchange 26.00
Total 100.00

Governance[edit]

The Chairperson of the Board of Directors is Anne Mutahi, one of the non-Executive directors.[11] Lamin Manjang serves as the Chief Executive Officer.[12]

See also[edit]

References[edit]

  1. ^ Juma, Victor (11 December 2013). "Etemesi Moves To StanChart South Africa As CEO". Business Daily Africa (Nairobi). Retrieved 4 August 2014. 
  2. ^ Herbling, David (25 March 2014). "StanChart overtakes Barclays With 14.8% Growth In Earnings". Business Daily Africa (Nairobi). Retrieved 4 August 2014. 
  3. ^ Business Daily, Reporter (25 March 2014). "StanChart Posts USh9.3 Billion Net Profit, Pulls Ahead of Cooperative Bank". Business Daily Africa (Nairobi). Retrieved 4 August 2014. 
  4. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies". Central Bank of Kenya (CBK). Retrieved 5 August 2014. 
  5. ^ SCBKL, . "Standard Chartered Bank Kenya Limited Consolidated Full Year Financial Statements And Disclosures 31 December 2013". Standard Chartered Bank Kenya Limited (SCBKL). Retrieved 5 August 2014. 
  6. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets 2013". Bankelele.Co.Ke. Retrieved 5 August 2014. 
  7. ^ Nation, Digital. "A History of Banking In Kenya: From The 1800s To The 1900s". Kenya Bankers' Association © 2013 Kenya Bankers Association (KBA). Retrieved 5 August 2014. 
  8. ^ SBSA, . "Standard Bank: Our History In Africa". Standard Bank of South Africa (SBSA). Retrieved 5 August 2014. 
  9. ^ SCBK, . "History of Standard Chartered Kenya". Standard Chartered Bank Kenya (SCBK). Retrieved 5 August 2014. 
  10. ^ SCBK, . "Shareholding In Standard Chartered Kenya". Standard Chartered Bank Kenya (SCBK). Retrieved 5 August 2014. 
  11. ^ Juma, Victor (1 November 2012). "Kiboro Exits StanChart for Top Role At Family Bank". Business Daily Africa (Nairobi). Retrieved 4 August 2014. 
  12. ^ Okoth, Jackson (24 March 2014). "StanChart Ousts Barclays As Most Profitable Foreign Bank In Kenya". Standard Digital Media (Nairobi). Retrieved 5 August 2014.