Kenya Commercial Bank

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Kenya Commercial Bank
Private company
Industry Banking
Founded 2015
Headquarters Kencom House, Moi Avenue, Nairobi, Kenya
Key people
Peter Muthoka, Chairman
Joshua Oigara, chief executive officer
Products Loans, credit cards, savings, investments, mortgages
Revenue Increase: Aftertax: US$104.9 million (KES:8.8 billion) (2010)
Total assets US$2.65 billion+ (KES:223 billion) (2010)
Parent KCB Group
Website Homepage

Kenya Commercial Bank (KCB Bank Kenya) is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the central bank and national banking regulator.[1]

Overview[edit]

KCB Bank Kenya was among the three largest commercial banks in Kenya with assets of more than US$2.65 billion (KES:223 billion).[2] The other two large Kenyan commercial banks are Barclays Bank Kenya and Standard Chartered Bank Kenya.

As of December 2010, KCB Group, the parent company of KCB Kenya, had the largest branch network in Kenya (168 branches) of all 44 licensed commercial banks in the country.[1]

History[edit]

KCB Bank Kenya roots trace back to July 1896 when its parent company, KCB Group, was formed as a branch of the National Bank of India in Mombasa. In 1958, Grindlays Bank merged with the National Bank of India to form the National and Grindlays Bank. Upon independence, the Government of Kenya acquired 60% shareholding in National & Grindlays Bank in an effort to bring banking closer to the majority of Kenyans. In 1970, the Government took full control of the Bank and renamed it to Kenya Commercial Bank Group.

KCB Bank Kenya, as we now know it, was incorporated in 2015 as a result of the corporate restructure of Kenya Commercial Bank Group (KCB Group) Prior to November 2014, Prior to 2015, KCB Group was both a licensed bank and a holding company for its subsidiaries.[3] This was in compliance with the Kenya Finance Act No.57 of 2012.

KCB Group announced in April 2015 of its intention to incorporate a new wholly owned subsidiary, KCB Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. The re-organisation converted KCB Group into a non-trading holding company that owns both banking and non-banking subsidiary companies.[3]

Ownership[edit]

KCB Bank Kenya is a wholly owned subsidiary of the KCB Group. Making it a member of the KCB Group.

Kenya Commercial Bank Group[edit]

Kenya Commercial Bank is a member of the KCB Group of companies. KCB Group companies include:[4][5]

As of December 2010, KCB Group was the largest financial services group in Kenya, with an asset base valued at over US$3.5 billion (KES:251 billion).[6] At that time, KCB Group had the widest network of banking outlets comprising nearly 220 branches in Kenya, Rwanda, Southern Sudan, Tanzania and Uganda.[7]

Shares of Kenya Commercial Bank Group (KCB Group) are listed on the Nairobi Stock Exchange (NSE), under the symbol (KCB). The Group's stock is also cross listed on the Uganda Securities Exchange (USE), the Rwanda Stock Exchange (RSE) and the Dar es Salaam Stock Exchange (DSE).

Branch network[edit]

KCB has more than 177 branches throughout Kenya, making it the largest banking network in the region. It has the largest number of own-branded ATMs in Kenya. Since 2004 all of the branches in Kenya have been re-branded as part of a wider corporate branding exercise. KCB has partnered with Pesa Point to increase the number of ATM points where customers can access their funds.

Officers & Management[edit]

The Chairman of the bank's board of directors is Ng'eny Biwott and the managing director and the chief executive officer of the bank is Joshua Oigara.[8]

See also[edit]

References[edit]

External links[edit]