Credit Bank Explained

Credit Bank
Type:Private
Foundation:1986
Location:Nairobi, Kenya
Key People:Simeon Nyachae
Chairman
Betty Maritim Korir
Managing Director
Revenue:Aftertax:US$2.56 million (KES:256 million) (2018)
Assets:US$200million (KES:27.805 billion) (2018)
Industry:Financial services
Products:Loans, Checking, Savings, Investments, Debit Cards

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.[1]

Overview

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., 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).[2]

History

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

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]

Credit Bank Limited Stock Ownership! Rank !!Name of Owner!!Percentage Ownership
1Nyachae’s Sansora Group
2Sanama Investment
2Ketan Morjaria
3Jay Karia
4Fountain Enterprises Programme Group (FEP)[7]
5Others
Total

Branches

The bank maintains networked branches at the following locations:[8]

  1. Main Branch - Mercantile House, Koinange Street, Nairobi
    1. Westland Branch - Empress Plaza, Ring Road, Westlands, Nairobi Industrial Area Branch - 53 Butere Road, Industrial Area, Nairobi
  2. Lavington Branch - Lavington Mall, James Gichuru Road, Lavington, Nairobi
  3. Kisumu Branch - Swan Centre, Oginga Odinga Road, Kisumu
  4. Kitengela Branch - 2nd Floor, Safari House, Namanga Road, Kitengela
  5. Nakuru Branch I - Giddo Plaza, Eldoret-Nakuru Highway, Nakuru
  6. Kisii Branch - Hospital Road, Kisii
  7. Mombasa Nkrumah Branch - Taiyebi House, Nkrumah Road, Mombasa
    1. Eldoret Branch - Zion Mall, Uganda Road, Eldoret Ongata Rongai Branch - Maasai Mall, Magadi Road, Ongata Rongai
      1. Machakos Branch - Mbolu-Malu Road, Machakos Thika Branch - Second Floor, Biashara Plaza, Mama Ngina Street, Thika Nyali Branch - Nyali Centre, Link Road, Nyali
  8. One Africa Branch - 2nd Floor, One Africa Place, Waiyaki Way, Westlands, Nairobi
  9. New Nairobi Branch - Nairobi[7]
  10. Meru Branch - Meru[7]
  11. Eldoret Branch - Kerio Valley Development Authority Building, Oloo Street, Eldoret[9]

See also

External links

Notes and References

  1. Web site: Directory of Commercial Banks And Mortgage Finance Companies. PDF. Central Bank of Kenya. 13 August 2014.
  2. Web site: 27 March 2019 . Audited Financial Statements And Other Disclosures For The Year Ended 31 December 2018 . PDF . Credit Bank . 6 June 2019 . Credit Bank . Nairibi.
  3. Web site: History of Credit Bank Limited. 13 August 2014. Credit Bank Limited. dead. https://archive.today/20140813052423/http://www.creditbank.co.ke/index.php/credit-bank/history. 13 August 2014.
  4. Web site: . Investment firm FEP buys 5 per cent stake in Nyachae’s Credit Bank . 14 January 2016 . 15 January 2016 . Gachiri . John . Nairobi.
  5. Web site: 18 January 2016 . FEP set to pay Sh4bn for controlling stake in Nyachae’s Credit Bank . John. Gachiri. . 19 January 2016 . Nairobi.
  6. Web site: Credit Bank In Sh2 Billion Cash Call For Expansion . . 6 June 2019 . 6 June 2019 . Victor Juma . Nairobi.
  7. Web site: FEP pays Sh107 million to buy stake in Nyachae majority-owned bank . 16 August 2016 . 16 August 2016 . . Victor . Juma. Nairobi.
  8. Web site: The Branch Network of Credit Bank Limited. Credit Bank Limited. 13 August 2014.
  9. Web site: 4 April 2019 . Credit Bank Eyes SMEs With Eldoret Outlet . . 4 April 2019 . Dennis Lubanga . Nairobi.

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