Credit Bank
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1986 |
| Headquarters | Nairobi, Kenya |
Key people | Simeon Nyachae Chairman Betty Maritim Korir Managing Director |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |  Aftertax:US$2.56 million (KES:256 million) (2018)[1] |
| Total assets | US$200million (KES:27.805 billion) (2018)[1] |
| Website | creditbank |
Credit Bank Limited (CBL), commonly referred to as Credit 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.[2]
Overview
[edit]The bank is a medium-sized commercial bank in Kenya, East Africa's largest economy. Prior to 2010, the bank's focus was large corporations and upscale business-people. In September 2010, Credit Bank changed strategy and transformed into a retail bank, serving all segments of society and their businesses. As of December 2018[update], the bank's total assets were valued at approximately US$178.28 million (KES:17.805 billion), with shareholders' equity valued at US$28.67 million (KES:2.86 billion).[1]
History
[edit]The bank was founded in 1986, as a non-bank financial institution (NBFI); Credit Kenya Limited. In 1995, the institution was awarded a commercial banking license and it rebranded to Credit Bank Limited.[3]
Ownership
[edit]As at January 2016, the shares of stock of Credit Bank are privately owned by corporate and individual investors.[4] In January 2016, Fountain Enterprises Programme Group (FEP) announced plans to acquire a controlling 75 per cent stake in Credit Bank for KSh4 billion (approx. US$40 million), pending approval of the Central Bank of Kenya.[5] As of June 2019, the major shareholders in the bank's stock were as depicted in the table below:[6]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Nyachae’s Sansora Group | 14.96[6]
|
| 2 | Sanama Investment | 14.34[6]
|
| 2 | Ketan Morjaria | 9.88[6]
|
| 3 | Jay Karia | 8.61[6]
|
| 4 | Fountain Enterprises Programme Group (FEP)[7] | 5.00
|
| 5 | Others | 47.21
|
| Total | 100.00
|
Branches
[edit]The bank maintains networked branches at the following locations:[8]
- Main Branch - Mercantile House, Koinange Street, Nairobi
- Westland Branch - Empress Plaza, Ring Road, Westlands, Nairobi
- Industrial Area Branch - 53 Butere Road, Industrial Area, Nairobi
- Lavington Branch - Lavington Mall, James Gichuru Road, Lavington, Nairobi
- Kisumu Branch - Swan Centre, Oginga Odinga Road, Kisumu
- Kitengela Branch - 2nd Floor, Safari House, Namanga Road, Kitengela
- Nakuru Branch I - Giddo Plaza, Eldoret-Nakuru Highway, Nakuru
- Kisii Branch - Hospital Road, Kisii
- Mombasa Nkrumah Branch - Taiyebi House, Nkrumah Road, Mombasa
- Eldoret Branch - Zion Mall, Uganda Road, Eldoret
- Ongata Rongai Branch - Maasai Mall, Magadi Road, Ongata Rongai
- Machakos Branch - Mbolu-Malu Road, Machakos
- Thika Branch - Second Floor, Biashara Plaza, Mama Ngina Street, Thika
- Nyali Branch - Nyali Centre, Link Road, Nyali
- One Africa Branch - 2nd Floor, One Africa Place, Waiyaki Way, Westlands, Nairobi
- New Nairobi Branch - Nairobi[7]
- Meru Branch - Meru[7]
- Eldoret Branch - Kerio Valley Development Authority Building, Oloo Street, Eldoret[9]
See also
[edit]
References
[edit]- ^ a b c Credit Bank (27 March 2019). "Audited Financial Statements And Other Disclosures For The Year Ended 31 December 2018" (PDF). Nairibi: Credit Bank. Retrieved 6 June 2019.
- ^ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 13 August 2014.
- ^ "History of Credit Bank Limited". Credit Bank Limited. Archived from the original on 13 August 2014. Retrieved 13 August 2014.
- ^ Gachiri, John (14 January 2016). "Investment firm FEP buys 5 per cent stake in Nyachae's Credit Bank". Business Daily Africa. Nairobi. Retrieved 15 January 2016.
- ^ Gachiri, John (18 January 2016). "FEP set to pay Sh4bn for controlling stake in Nyachae's Credit Bank". Business Daily Africa. Nairobi. Retrieved 19 January 2016.
- ^ a b c Juma, Victor (16 August 2016). "FEP pays Sh107 million to buy stake in Nyachae majority-owned bank". Business Daily Africa. Nairobi. Retrieved 16 August 2016.
- ^ "The Branch Network of Credit Bank Limited". Credit Bank Limited. Retrieved 13 August 2014.
- ^ Dennis Lubanga (4 April 2019). "Credit Bank Eyes SMEs With Eldoret Outlet". Business Daily Africa. Nairobi. Retrieved 4 April 2019.
External links
[edit]- Website of Central Bank of Kenya
- Website of Credit Bank Limited
- Nyachae-linked bank seeks Sh5.4 billion diaspora buyout
