Peter Maina Munyiri
Chief Executive Officer
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Revenue||Aftertax:US$14.2 million (KES:1.23 billion) (2013)|
|Total assets||US$503 million (KES:43.5 billion) (2013)|
Number of employees
|Slogan||"With You For Life"|
Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
Family Bank is a medium-sized commercial bank in Kenya. It is the fifth largest bank by branch network. The Bank is a one stop-shop providing retail and consumer products, SME, agribusiness and corporate banking; Treasury, Trade Finance and Insurance products. As at mid 2015, the bank's branch footprint is spread out all over Kenya with 87 branches so far, with at least 3 more branches opening by year end.
As at the end of 2014, the bank had a customer base of over 1.6 million – nearly triple compared to the 600,000 customers it had in 2009. It has mobilized more than Kes.60 billion in deposits.
Since 2009 (To end 2014):
· Family Bank’s asset base has more than quadrupled – currently standing at Kes72billion up from Kes13.5billion.
· Profit before tax grew nearly nine fold to Kes2.6 billion from Kes300Million.
· Shareholders’ funds have grown six fold to Kes10.6 billion up from Kes1.8Billion in 2009.
· The bank has added more than Kes32Billion to shareholders wealth over the past 5 years.
Family Bank operates a popular mobile banking platform - PESAPAP and has more than 3,000 pesa pap agents who offer our wide client base banking services including account opening, depositing, revenue collection, Pesa Pap mobile registration, account activation and also serve as collection points for loan applications.
The bank has diversified into the insurance industry through a subsidiary – Dhamana Insurance Agency that was licensed in 2010. Dhamana provides motor and marine insurance, education plan, funeral cover, life cover, fire and burglary, goods-in-transit, individual and home insurance.
In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image. An interesting point to note is the fact that this is the same building on ground floor from where Family Founder Mr. TK Muya had rented out a small space that served as both a branch and his office. He build and grew the bank from there.
The bank is giving back to the society in several ways. The bank in conjunction with the other group companies - Kenya Orient Insurance Limited and Daykio Plantations are also supporting poverty alleviation projects in the areas of Education, Health, Agribusiness and entrepreneurship through the Family Group Foundation.
The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the former non-Executive Chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the Society's life. In 2007, FFBSL transformed into a fully fledged commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations. Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.
The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES:1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE), in future.
|Rank||Name of Owner||Percentage Ownership|
|1||The Estate of Rachel N. Muya||17.3|
|2||Kenya Tea Development Agency (KTDA)||15.0|
|3||Nancy Wanjiku Nyagah||10.2|
|5||Titus Kiondo Muya||6.8|
|6||Family Bank ESOP||5.0|
The Chairman of the board of directors is William Kiboro, one of the non-executive directors. Peter Munyiri serves as the managing director and chief executive officer.
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- Business Daily, Reporter (26 March 2014). "Family Bank Doubles Profit To KSh1.2 Billion". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 11 August 2014.
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- Langat, Anthony (6 August 2014). "Kenya: Family Bank Outlines Branch Expansion Plans". CAJ News Agency (Johannesburg) via AllAfrica.com. Retrieved 11 August 2014.
- Mutegi, Mugambi (18 December 2012). "Equity Firms Sell Family Bank Stake To KTDA, Laptrust". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
- Otini, Rawlings (19 March 2012). "Family Bank To Spend KSh600 Million On New Branches This Year". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
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- Ondari, Justus (19 June 2011). "Former KCB Manager Heads To Family Bank As Chief Executive". Daily Nation (Nairobi). Retrieved 11 August 2014.
- Website of Family Bank
- Website of Central Bank of Kenya
- Rankings of Kenyan Commercial Banks By Assets 2009
- Peter Munyiri Takes Over As Family Bank CEO