SBM Bank Kenya Limited

From Wikipedia, the free encyclopedia
  (Redirected from FidelityBank)
Jump to: navigation, search
SBM Bank Kenya Limited
Private
Industry Financial Services
Founded 1988
Headquarters Nairobi, Kenya
Key people
James Birnie
Chairman
Rana Sengupta
Managing Director
Kass Khimji
General Manager[1]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards
Total assets US$70 million (2017)[2]
Parent SBM Group
Website www.fidelitybank.co.ke

SBM Bank (Kenya) Limited, previously known as Fidelity Commercial Bank Limited, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[3]

Overview[edit]

The bank is a medium-sized retail bank, serving mainly the urban areas of Nairobi and Mombasa. As of October 2017, SBM Bank Kenya had an asset base of about US$70 million, with total deposits of approximately US$50 million.[2]

History[edit]

The institution was incorporated in 1988 as African Finance Company. In 1992, the finance company re-branded as Fidelity Finance Limited. In 1996, the institution re branded again as Fidelity Commercial Bank Limited, having been granted a banking license by the Central Bank of Kenya, the national banking regulator.[4]

In November 2016, SEM listed SBM Group announced that it has reached an agreement to acquire a majority stake in the bank.[5] This process was concluded in May 2017 and the bank's name was changed to SBM Bank (Kenya) Limited.[6][7]

Ownership[edit]

SBM Bank (Kenya) is a privately held institution. It is a subsidiary of Mauritian based SBM Group. One other shareholder is the private equity firm Duet Group of the United Kingdom, which acquired its shareholding in March 2016 for KSh1.9 billion (approx. US$19 million).[8]

Governance[edit]

James Birnie, one of the non-Executive Directors of the bank, serves as the Chairman of the seven-member Board of Directors.[9]

Branch Network[edit]

As of November 2014, the bank maintains branches at the following locations:[10]

  1. Head Office - 7th Floor, IPS Building, Kimathi Street, Nairobi
  2. City Center Branch - Jubilee Exchange, Kaunda Street, Nairobi
  3. Westlands Branch - Ground Floor, Shimmers Plaza, Westlands Road, Westlands, Nairobi
  4. Industrial Area Branch - Dar es Salaam Road, Nairobi
  5. New Muthaiga Branch - Ground Floor, New Muthaiga Shopping Mall, Thigiri Ridge Road, Nairobi
  6. Kilimani Branch - First Floor, 197 Lenana Place, Nairobi
  7. Mombasa Branch - Dedan Kimathi Street, Opposite Pandya Memorial Hospital, Mombasa
  8. Diani Branch - Baharini Plaza, Beach Road, Diani
  9. Malindi Branch - Sabaki Centre, Lamu Road, Malindi
  10. Changamwe Branch - Airport Road, Changamwe, Mombasa
  11. Nyali Branch - Nyali Centre, Links Road, Mombasa
  12. Parklands Branch - Highridge, Parklands, Nairobi
  13. Sameer Branch - Sameer Industrial Park, Nairobi
  14. Nakuru Branch - Nakuru
  15. Meru Branch - Meru
  16. Eldoret Branch - Eldoret[1]

See also[edit]

References[edit]

  1. ^ a b Omusolo, Moses (18 November 2015). "Fidelity Commercial Bank announces plans to build Sh700 million head office". Daily Nation. Nairobi. Retrieved 18 November 2015. 
  2. ^ a b Anyanzwa, James (11 October 2017). "Mauritian lender seeks more buyouts". The EastAfrican. Nairobi. Retrieved 13 October 2017. 
  3. ^ Ngugi, Brian (11 May 2017). "Fidelity Bank now SBM Kenya after Mauritian group buyout". Business Daily Africa. Nairobi. 
  4. ^ CBK (31 December 2016). "Central Bank of Kenya: Commercial Banks & Mortgage Finance Shareholding Information". Nairobi: Central Bank of Kenya (CBK). Retrieved 13 October 2017. 
  5. ^ Mwaniki, Charles (22 March 2016). "Fidelity sells British fund Duet stake for Sh1.9 billion". Business Daily Africa. Nairobi. Retrieved 23 March 2016. 
  6. ^ Ngigi, Brian (11 May 2017). "Fidelity Bank now SBM Kenya after Mauritian group buyout". Business Daily Africa. Nairobi. Retrieved 11 May 2017. 
  7. ^ Ngigi, Brian (11 May 2017). "Fidelity gets 3 new directors after SBM deal". Business Daily Africa. Nairobi. Retrieved 18 August 2017. 
  8. ^ Miriri, Duncan (November 22, 2016). Potter, Mark, ed. "Mauritian bank SBM says to acquire Kenya's Fidelity Bank". Reuters. Thomson Reuters. Retrieved November 22, 2016. 
  9. ^ NK.O, . "James Birnie Is Chairman At FidelityBank". NatureKenya.Org (NK.O). Retrieved 10 August 2014. 
  10. ^ FidelityBank, . "The Branches of FidelityBank". FidelityBank.Co.Ke © FidelityBank 2012. Retrieved 10 August 2014. 

External links[edit]