Giro Commercial Bank Explained
Giro Commercial Bank, whose full name was Giro Commercial Bank Limited, was a commercial bank in Kenya it was acquired and absorbed by I&M Holdings in 2017. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]
, the total asset base of Giro Commercial Bank was valued at approximately KSh.13.623 billion/= (US$157.67 million), with shareholders' equity of approximately KSh.2.086 billion/= (US$24.15 million). Then, the bank held KSh.11.457 billion (US$132.6 million), in customer deposits.[2] At that time, the bank was ranked number 29 out of 43 licensed banks in Kenya.[3]
History
The bank was established as Giro Bank Limited in 1992. In 1998, Giro Bank merged with Commercial Bank Limited, to form Giro Commercial Bank Limited.[4] [5] The stock of the bank is privately owned by individuals and institutions.
On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank.[6] The acquisition was finalized in March 2017 and the operations of Giro Commercial Bank were merged to that of I&M Bank Kenya.[7]
Branch network
, the bank operated a network of branches at the following locations:[8]
- Head Office - Giro House, Eldama Park, Nairobi
- Banda Street Branch - Hughes Building, Banda Street, Nairobi
- Industrial Area Branch - Dunga Road, Industrial Area, Nairobi
- Kisumu Branch - Giro House, Oginga Odinga Road, Kisumu
- Mombasa Branch - Pan Africa House, Moi Avenue, Mombasa
- Parklands Branch - 3rd Parklands Avenue, Ridge Court, Parklands, Nairobi
- Westlands Branch - Bandari Plaza, Woodvale Grove, Westlands, Nairobi.
See also
External links
Notes and References
- Web site: Directory of Commercial Banks And Mortgage Finance Companies. PDF. 8 August 2014. Central Bank of Kenya.
- Web site: Audited 31 December 2013 Annual Report And Financial Statements. PDF. Central Bank of Kenya. 8 August 2014.
- Web site: Kenya Bank Rankings By Assets In 2013. Bankelele.Co.Ke. 9 August 2014. 28 April 2014.
- Web site: Mergers And Acquisitions Among Kenyan Commercial Banks From 1989 Until 2010. Central Bank of Kenya. 8 August 2014. dead. https://web.archive.org/web/20140718125736/https://centralbank.go.ke/index.php/commercial-banks-mortgage-finance-institutions/mergers-or-acquisitions. 18 July 2014.
- Web site: The History of Giro Commercial Bank. Giro Commercial Bank. 9 August 2014.
- Web site: I&M Holdings in deal to acquire Giro Bank. 2015-09-07. 2015-09-07. Business Daily Africa. Nation Media Group. Mwaniki. Charles.
- Web site: Successful acquisition: Former Giro Commercial Bank branches now sporting I&M Bank branding. 13 March 2017. https://web.archive.org/web/20170328105331/https://www.imbank.com/successful%2Dacquisition%2Dformer%2Dgiro%2Dcommercial%2Dbank%2Dbranches%2Dnow%2Dsporting%2Dim%2Dbank%2Dbranding/. 2017-03-28. dead. 27 March 2017.
- Web site: The Branches of Giro Commercial Bank Limited. 9 August 2014. Giro Commercial Bank Limited.
