KCB Bank Kenya Limited

   

KCB Bank Kenya Limited
Company typeSubsidiary of KCB Group
IndustryBanking
Founded2015; 10 years ago (2015)
HeadquartersKencom House, Moi Avenue, Nairobi, Kenya and KCB Plaza, Upperhill, Nairobi, Kenya
Number of locations
207 Branches, 399 ATMs, 12,724 Agents, 8023 merchant outlets[1] (2020[1])
Key people
Lawrence Njiru
Chairman
Annastacia Kimtai
Chief Executive Officer[2]
  • Eng. Stanley Kamau - Alternate to CS Treasury
  • Tom Ipomai
  • Simeon Rono
  • Njeri Onyango
  • Caroline Rabar Okonga
  • Joseph Muigai
  • Anne Eriksson
  • Eunice Nyala
  • Samuel makome
  • Bonnie Okumu
ProductsLoans, credit cards, savings, investments, mortgages, Insurance
RevenueIncrease: Aftertax: US$166.3 million (KES:18.3 billion) (2020)[1]
Total assetsUS$6.9 Billion+ (KES:758.3 billion) (2020)[1]
Number of employees
4901 [1]
ParentKCB Group
RatingB2 negative (2020)(Moodys Investor Service)[1]
Websiteke.kcbgroup.com

KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator.[3] The bank has also been running Agency banking model.[4]

Overview

As of December 2015, KCB Bank Kenya was the largest commercial bank in Kenya with assets of more than US$3.681 billion (KES:366 billion) and US$2.776 billion (KES:276 billion) in customer deposits.[5] In August 2021, the bank recorded a customer deposit growth to USD$5.47 billion (KES:601.7 billion) and had an asset base value of USD$7.09 billion (KES:7.09 billion). During that time, it had 201 branches, 397 ATM machines, and registered 15,273 Agents and Merchant outlets spread across Kenya.

History

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 1970, the Government took full control of the bank and renamed it to Kenya Commercial Bank Group.[6]

KCB Bank Kenya, as it is now known, was incorporated in 2015 as a result of the corporate restructure of Kenya Commercial Bank Group (KCB Group). Prior to 2015, KCB Group was both a licensed bank and a holding company for its subsidiaries.[6] This was in compliance with the Kenya Finance Act No.57 of 2012. KCB Group Limited announced, in April 2015, 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 Limited into a non-trading holding company that owns both banking and non-banking subsidiary companies.[6]

In 2016, KCB Group PLC was registered as a non-operating holding company to manage and oversee all KCB regional units in Kenya, Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia. [7] In 2019, KCB Group PLC acquired National Bank of Kenya.[8]

Ownership

KCB Bank Kenya Limited is a 100 percent subsidiary of KCB Group. Shares of 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).[9]

KCB Group Plc

Main article: KCB Group Limited

KCB Bank Kenya Limited is a member of the KCB Group of companies. KCB Group companies include:[10][11]

Branch network

As of August 2021, KCB Group had a total of 354 branches, 1,103 ATM machines, and 15,273 bank agents and merchant outlets throughout all of its subsidiaries. It has the largest number of own-branded ATMs in Kenya. At that time, the Group had 26.8 million customers marking it the largest in the region.[12]

Officers and management

The chairman of the KCB Group board of directors is FCS Dr. Joseph Kinyua,[13] and the chief executive officer and managing director of the group is Paul Russo.[14]

See also

References

  1. ^ a b c d e f "KCB-Group-Plc-2020-Integrated-Report-and-Annual-Financial-Statements_compressed" (PDF). Retrieved 2 September 2021.
  2. ^ Patrick Alushula (13 April 2023). "KCB Group picks insider first CEO of Kenya unit". Business Daily Africa. Nairobi, Kenya. Retrieved 13 April 2023.
  3. ^ CBK (19 April 2016). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorised Non-Operating Bank Holding Companies: Commercial Banks" (PDF). Central Bank of Kenya (CBK). Retrieved 19 April 2016.
  4. ^ "Agent Banking". ke.kcbbankgroup.com. Archived from the original on 23 February 2017. Retrieved 23 August 2017.
  5. ^ Achuka, Vincent (16 April 2016). "Kenya: Local and Foreign Suitors Jostle to Buy Chase Bank". Daily Nation via AllAfrica.com. Nairobi. Retrieved 19 April 2016.
  6. ^ a b c KCBGL (22 April 2015). "Ratification of Incorporation of Wholly Owned Subsidiary And Proposal For The Transfer of Banking Business, Assets And Liabilities To That Subsidiary" (PDF). Nairobi: KCB Group Limited (KCBGL). Retrieved 20 April 2016.
  7. ^ "Update 2016: KCB Group Limited". Nairobi: KCB Group Limited (KCBGL).
  8. ^ "Kenya's KCB Group injects 5 bln shillings into NBK after acquisition". Reuters. 9 January 2020. Retrieved 20 January 2020.
  9. ^ Anyanzwa, James (30 January 2016). "Cross-listed stocks could cut growth of bourses". The EastAfrican. Nairobi. Retrieved 20 April 2016.
  10. ^ Margaret Wahito (15 May 2015). "Kenya KCB Shareholders Approve New Structural Changes". Capital FM Kenya. Nairobi, Kenya. Retrieved 22 February 2024.
  11. ^ Jackson Okoth (16 May 2015). "Shareholders approve formation of KCB Group Limited". The Standard (Kenya). Nairobi, Kenya. Retrieved 22 February 2024.
  12. ^ "KCB H1 Investor Presentation" (PDF). Retrieved 7 September 2021.
  13. ^ "KCB Group Limited".
  14. ^ KCBGL. "Our Leadership". Nairobi: KCB Group Limited (KCBGL). Retrieved 20 April 2016.