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Giro Commercial Bank

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Giro Commercial Bank
Company typePrivate
IndustryFinancial services
Founded1992 (1992)
DefunctFebruary 12, 2017 (2017-02-12)[1]
FateAcquired by I&M Holdings
HeadquartersNairobi, Kenya
Key people
C. J. Gidoomal
Chairman
Sanjay Gidoomal
Executive Director
ProductsBanking
Websitewww.girobankltd.com

Giro Commercial Bank (GCB), whose full name was Giro Commercial Bank Limited, was a commercial bank in Kenya it was acquired and absorbed by I&M Holdings in 2017. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]

As of December 2013, the total asset base of Giro Commercial Bank was valued at approximately US$157.67 million (KES:13.623 billion), with shareholders' equity of approximately US$24.15 million (KES:2.086 billion). Then, the bank held US$132.6 million (KES:11.457 billion), in customer deposits.[3] At that time, the bank was ranked number 29 out of 43 licensed banks in Kenya.[4]

History

The bank was established as Giro Bank Limited in 1992. In 1998, Giro Bank merged with Commercial Bank Limited, to form Giro Commercial Bank Limited.[5][6] The stock of the bank is privately owned by individuals and institutions.

On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank.[7] The acquisition was finalized in March 2017 and the operations of Giro Commercial Bank were merged to that of I&M Bank Kenya.[1]

Branch network

As of August 2014, the bank operated a network of branches at the following locations:[8]

  1. Head Office - Giro House, Eldama Park, Nairobi
  2. Banda Street Branch - Hughes Building, Banda Street, Nairobi
  3. Industrial Area Branch - Dunga Road, Industrial Area, Nairobi
  4. Kisumu Branch - Giro House, Oginga Odinga Road, Kisumu
  5. Mombasa Branch - Pan Africa House, Moi Avenue, Mombasa
  6. Parklands Branch - 3rd Parklands Avenue, Ridge Court, Parklands, Nairobi
  7. Westlands Branch - Bandari Plaza, Woodvale Grove, Westlands, Nairobi.

See also

References

  1. ^ a b "Successful acquisition: Former Giro Commercial Bank branches now sporting I&M Bank branding". 13 March 2017. Archived from the original on 2017-03-28. Retrieved 27 March 2017.
  2. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 8 August 2014. {{cite web}}: |first= has numeric name (help)
  3. ^ CBK, . "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Central Bank of Kenya (CBK). Retrieved 8 August 2014. {{cite web}}: |first= has numeric name (help)
  4. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 9 August 2014. {{cite web}}: |first= has numeric name (help)
  5. ^ CBK, . "Mergers And Acquisitions Among Kenyan Commercial Banks From 1989 Until 2010". Central Bank of Kenya (CBK). Archived from the original on 18 July 2014. Retrieved 8 August 2014. {{cite web}}: |first= has numeric name (help)
  6. ^ GCB, . "The History of Giro Commercial Bank". Giro Commercial Bank (GCB). Retrieved 9 August 2014. {{cite web}}: |first= has numeric name (help)
  7. ^ Mwaniki, Charles (2015-09-07). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nation Media Group. Retrieved 2015-09-07.
  8. ^ GCBL, . "The Branches of Giro Commercial Bank Limited". Giro Commercial Bank Limited (GCBL). Retrieved 9 August 2014. {{cite web}}: |first= has numeric name (help)
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