Commercial Bank of Africa Group
|Headquarters||Upper Hill, Nairobi, Kenya|
|Revenue||KSH 10.25 Billion (2013)|
|Total assets||KSH 146 billion (2013)|
Number of employees
The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania and Uganda. The flagship company of the group is Commercial Bank of Africa, with headquarters in Upper Hill, an upscale suburb of Nairobi, Kenya's capital and largest city.
The CBA Group is a large financial services group in East Africa, with an asset base estimated at almost US$1 billion, with shareholders' equity of approximately US$100 million.
Commercial Bank of Africa was established in 1962 in Dar es Salaam, Tanzania as a subsidiary of Swiss based Societe Financiere pour les pays D’Outre Mer (SFOM). The SFOM consortium included BanqueNationale de Paris, Bank Bruxelles Lambert, Commerz Bank and Bank of America. Branches of the bank were established in Nairobi and Mombasa, Kenya. Another branch was opened in Kampala, Uganda.
In 1967, the Government of Tanzania nationalized all commercial banks in the country as part of the government's nationalization of large industries in its execution of the Arusha Declaration. This nationalization led the bank to move its headquarters to Nairobi. In 1971, the Ugandan business was sold off to Barclays Bank of Uganda. This was due to the then prevailing political instability in the country.
BOA gained majority control of CBA in 1981 after BOA acquired shares held by other shareholders in the bank except for 16% that was held by local shareholder. Between 1984 and 1991, BOA re-organised CBA, developing and installing Bank of America`s global systems and disciplines before selling its majority shares to local Kenyan investors. Bank of America continued to provide management to the bank via a management agreement before eventually selling the rest of its shares in 1991. Since then, CBA became a wholly owned Kenyan bank recognised for operational efficiency and quality service delivery.
In July 2005, Commercial Bank of Africa (CBA) acquired majority shareholding in First American Bank of Kenya. At that time First American owned a subsidiary in Tanzania called United Bank of Africa. This marked the bank's reentry into Tanzania after the 1967 nationalization of its operations in the country. In 2007, United Bank of Africa changed its name to Commercial Bank of Africa (Tanzania) leading to the formation of the CBA Group.
In March 2012, CBA Group initiated action to acquire a 62% stake in Royal Bank Zimbabwe, a Harare-based commercial bank. However, both parties failed to finalize on the deal within given regulatory time frames. On July 31, 2012, The Reserve Bank of Zimbabwe determined Royal Bank to be insolvent. Royal Bank then surrendered its banking licence and closed down.
- Commercial Bank of Africa (Kenya) – Nairobi, Kenya – 100% shareholding - A commercial bank in Kenya, serving individuals and businesses. This is the flagship company of the group.
- Commercial Bank of Africa (Tanzania) – Dar es Salaam, Tanzania – 100% shareholding - A commercial bank in Tanzania, serving both individuals and businesses.
- Commercial Bank of Africa (Uganda) – Kampala, Uganda  – 100% shareholding - A commercial bank in Uganda, serving both individuals and businesses.
- Commercial Bank of Africa (Rwanda) - Kigali, Rwanda - In development
- CBA Insurance Agency Limited – Nairobi, Kenya – 100% shareholding - Offering Bancassurance services. CBA Group owns 100% of the company.
- CBA Capital Limited – Nairobi, Kenya – 100% shareholding - An investment bank licensed by the Capital Markets Authority. CBA Group owns 100% of the company.
- CBA Property Holdings Limited – Nairobi, Kenya – 100% shareholding - Property Holding company
- AIG Kenya Insurance Company Limited – Nairobi, Kenya – 33.33% shareholding the balance held by the American International Group. - Offering general insurance.
|Rank||Name of Owner||Percentage Ownership|
|1||Enke Investments Limited||24.92|
|2||Ropat Nominees Limited||22.51|
|3||Livingstone Registrars Limited||19.91|
|4||Yana Investments Limited||11.15|
|5||Ropat Trust Company Limited||5.37|
|6||Livingstone Registrars Limited A/C 2||4.74|
|7||CBA Employees Share Scheme||2.50|
The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the Group CEO.
- Commercial Bank of Africa
- Commercial Bank of Africa (Tanzania)
- Commercial Bank of Africa (Uganda)
- List of banks in Kenya
- List of banks in Tanzania
- Economy of Kenya
- Economy of Tanzania
- Desterio Oyatsi Named CBA Group Chairman
- The CBA Board of Directors
- CBA Group Annual Report 2013
- CBA Group's Total Assets Nearly One Billion American Dollars
- "Commercial Bank of Africa Limited - Medium Term Note Programme - Information Memorandum" (PDF). Commercial Bank of Africa Limited. November 21, 2014. Retrieved December 3, 2014.
- CBA Acquired Majority Shareholding in First American Bank of Kenya In 2005
- United Bank of Africa Renamed Commercial Bank of Africa (Tanzania) In 2007
- "Surrender of Licence and closure of Royal Bank Zimbabwe Limited" (PDF). Reserve Bank of Zimbabwe. July 31, 2012. Retrieved December 31, 2014.
- Herbling, David (13 February 2013). "CBA Awaits Central Bank Approval To Set Up In Uganda". Business Daily Africa. Retrieved 2 May 2014.
- Herbling, David (2 February 2014). "CBA Becomes Ninth Kenyan Bank To Open Shop In Uganda". Retrieved 2 May 2014.
- Commercial Bank of Africa Expected To Enter Uganda In 2012
- Ngigi, George (24 November 2015). "CBA seeks licence to start operating in Rwanda next year". Business Daily Africa. Nairobi. Retrieved 24 November 2015.
- About AIG Kenya
- Directors of CBA
- Website of Commercial Bank of Africa
- Website of Commercial Bank of Africa (Tanzania)
- Shareholders & Regulators Approve CBA's Investment In Royal Bank Zimbabwe