| Family Bank | |
| Type: | Private |
| Location: | Nairobi, Kenya |
| Key People: | Wilfred Kiboro Chairman[1] Nancy Njau Managing Director & CEO[2] |
| Num Employees: | 1,324 (2019)[3] |
| Assets: | US$696 million (KES:69.12 billion) (2017) |
| Revenue: | Aftertax:US$10.1 million (KES:1.0 billion) (2017) |
| Industry: | Financial services |
| Products: | Loans, checking, savings, investments, debit cards |
Family Bank Limited (FBL), commonly known as Family 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.[4]
Family Bank is a medium-sized commercial bank in Kenya. the bank's total assets were valued at KSh69.12 billion (approximately US$696 million), with shareholders' equity of KSh11.75 billion (approximately US$118.3 million).[5]
The bank was founded in 1984 as Family Finance Building Society Limited. Titus Muya, the former non-executive chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the organisation. In 2007, it became a commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations.[6] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[7]
In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.
In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image. This is the same building where founder Mr. TK Muya had rented a small space that served as both a branch and his office.
The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES:1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE) in the future.[8]
the bank's shareholding was as follows:[9]
| 1 | Kenya Tea Development Agency | 15.45 |
| 2 | The Estate of Rachel Njeri Muya | 13.42 |
| 3 | Daykio Plantations Limited | 12.30 |
| 4 | Titus Kiondo Muya | 5.34 |
| 5 | Standard Chartered Kenya Nominees A/C 9660B | 3.73 |
| 6 | PA Securities | 3.57 |
| 7 | Kenya Orient Insurance Ltd | 2.86 |
| 8 | Julius Brian Kiondo Muyah | 2.69 |
| 9 | Ann Njeri | 2.68 |
| 10 | Mark Keriri | 2.68 |
| 11 | Others | 35.27 |
| Total | 100.00 | |
In February 2021, the bank opened its 92nd networked brick-and-mortar branch, in the Nairobi neighborhood called Eastleigh. At that time Family Bank maintained branches in 34 out of Kenya's 47 counties.[10]
The chairman of the board of directors is Wilfred D. Kiboro, one of the non-executive directors. Nancy Njau is the chief executive officer, effective 2 January 2024.[2]