|Traded as||NSE: NINC|
Group Managing Director
|Products||Loans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards|
|Revenue||Aftertax:US$37.6 million (KES:3.246 billion) (2013)|
|Total assets||US$1.308 billion (KES:112.92 billion) (2013)|
Number of employees
NIC Bank is a large financial services provider in East Africa. Headquartered in Nairobi, Kenya, the bank owns subsidiary companies in Kenya, Uganda and a controlling interest (51% shareholding), in NIC Bank Tanzania, a commercial bank in neighboring Tanzania.
As of September 2017[update], NIC Bank's total asset base was valued at about US$1.76 Billion (KES 181.86 Billion), with shareholder's equity of approximately US$271.69 Million (KES 28.08 Billion). At that time, the bank was ranked position 10, by assets, out of 43 license banks in the country.
The bank was founded in 1959 as a joint venture by Standard Bank Limited and Mercantile Credit Company Limited, both headquartered in South Africa and the United Kingdom respectively. NIC was initially a non-bank financial institution (NBFI). In 1971, NIC became a public company, by listing on the Nairobi Stock Exchange, where it still trades today under the symbol: NNIC. In 1995, the Central Bank of Kenya required all NBFIs in the country to either convert to fully fledged commercial banks or close shop. NIC applied for and was granted a banking license that same year. In 1997, NIC Bank merged with African Mercantile Bank Limited (AMBank), a Kenyan financial institution.
In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank with approximately US$30 million in assets and approximately US$5 million in shareholder's equity at the time. Savings and Finance Commercial Bank rebranded to NIC Bank Tanzania, in keeping with the new shareholding structure. In November 2011, press reports indicated that NIC Bank was in advanced stages of opening a banking subsidiary in neighbouring Uganda. NC Bank Uganda opened for business in May 2012. In May 2012, NIC Bank opened a 100% subsidiary, NC Bank Uganda.
On 21 June 2016, the Central Bank of Kenya appointed NIC Bank as asset and liabilities consultant for Imperial Bank Limited (in receivership). Effectively, NIC Bank took over the responsibility of returning funds to the failed bank's deposit customers. The agreement also allows NIC to acquire some of the deposits, assets and liabilities of Imperial once its receiver manager the Kenya Deposit Insurance Corporation starts liquidating the bank. The 28 branches and all 470 former employees of Imperial Bank will be taken over by NIC Bank.
NIC Bank Group
- NIC Bank – Retail banking – Nairobi, Kenya 100% Shareholding
- NIC Capital – Investment banking – Nairobi, Kenya 100% Shareholding
- NIC Capital Securities – Securities brokerage – Nairobi, Kenya – 100% Shareholding
- NIC Bank Tanzania – Retail banking – Dar es Salaam, Tanzania 69% Shareholding
- NC Bank Uganda – Retail banking – Kampala, Uganda 100% Shareholding.
The activities of NIC Bank are directed by eleven board of directors. The Managing Director is assisted by seven other 10 other senior Officers in supervising the day-to-day activities of the Bank.
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