Commercial Bank of Africa

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Commercial Bank of Africa
Private Subsidiary
Industry Banking
Founded 1962
Headquarters Upper Hill, Nairobi, Kenya
Key people
Desterio Oyatsi
Chairman
Isaac Awuondo
Managing Director
Products Loans, credit cards, savings, investments, mortgages
Revenue Increase Aftertax:US$36 million (KES:3,592 billion) (2015)[1]
Total assets US$2.166 billion (KES:215.6 billion) (2015)[1]
Number of employees
1,104 (2015)[1]
Website www.cbagroup.com/ke/index.php/home

Commercial Bank of Africa (CBA) is a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]

Overview[edit]

As of December 2015, the bank was one of the largest commercial banks in Kenya with assets of approximately US$2.166 billion (KES:215.6 billion), with shareholders' equity of approximately US$217.83 million (KES:21.68 billion).[1] It is the largest privately owned commercial bank in Kenya.[3]

History[edit]

The bank was founded in 1962 in Dar es Salaam, Tanzania. Soon, branches were opened in Nairobi & Mombasa, Kenya and in Kampala, Uganda. When Tanzania nationalised private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.[4]

At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert, Commerz Bank and Bank of America. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of Kenyan investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.[4]

Ownership[edit]

Commercial Bank of Africa's ownership is under a shareholding structure. The Kenyatta family controls 98.91 percent of CBA through an investment vehicle called Enke Investments Limited.[3]

Commercial Bank of Africa Group[edit]

Commercial Bank of Africa (Kenya) is a member of the CBA Group of companies. These include:

Governance[edit]

The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the managing director.[1]

See also[edit]

References[edit]

  1. ^ a b c d e CBA Group (28 March 2016). "CBA Annual Report and Financial Statements for 31 December 2015". Commercial Bank of Africa (CBA). Retrieved 28 September 2016. 
  2. ^ CBK (28 September 2016). "Central Bank of Kenya: Licensed Commercial Banks". Nairobi: Central Bank of Kenya (CBK). Retrieved 28 September 2016. 
  3. ^ a b Herbling, David (28 September 2016). "Kenyan mobile lender customers in Uganda hit 0.6 million in two months". The EastAfrican. Nairobi. Retrieved 28 September 2016. 
  4. ^ a b CBA Group (28 September 2016). "Commercial Bank of Africa: Our History". Nairobi: CBA Group. Retrieved 28 September 2016. 
  5. ^ Nakaweesi, Dorothy (22 January 2014). "Commercial Bank of Africa Returns To Ugandan Market". Daily Monitor. Kampala. Retrieved 4 August 2014. 
  6. ^ Ngigi, George (24 November 2015). "CBA seeks licence to start operating in Rwanda next year". Business Daily Africa. Nairobi. Retrieved 28 September 2016. 

External links[edit]