Login
Login

Credit Bank

{{Short description|Commercial bank in Kenya}}

{{Infobox company

| name = Credit Bank

| logo =

| type = Private

| slogan =

| foundation = 1986

| location = Nairobi, Kenya

| key_people = Simeon Nyachae
(chairman)
Betty Maritim Korir
(managing director)

| num_employees =

| revenue = {{profit}}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

| homepage = {{URL|http://creditbank.co.ke}}

}}

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.{{cite web|url=https://www.centralbank.go.ke/images/docs/Bank%20Supervision%20Reports/Commercial%20Banks%20Directrory%20-%2013%20December%202011.pdf|format=PDF|publisher=Central Bank of Kenya|access-date=13 August 2014|title=Directory of Commercial Banks And Mortgage Finance Companies}}

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. {{asof|December 2018}}, 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).{{cite web|date=27 March 2019 | url=https://creditbank.co.ke/wp-content/uploads/2018/08/2018-Audited-Financial-Statements-and-Other-Disclosures.pdf | title=Audited Financial Statements And Other Disclosures For The Year Ended 31 December 2018 |format=PDF |publisher=Credit Bank | access-date=6 June 2019 |author=Credit Bank | location=Nairibi}}

History

The bank was founded in 1986 as the 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.{{cite web|url=http://www.creditbank.co.ke/index.php/credit-bank/history|title=History of Credit Bank Limited|access-date=13 August 2014|publisher=Credit Bank Limited|url-status=dead|archive-url=https://archive.today/20140813052423/http://www.creditbank.co.ke/index.php/credit-bank/history|archive-date=13 August 2014}}

Ownership

As at January 2016, the shares of stock of Credit Bank are privately owned by corporate and individual investors.{{cite web|newspaper=Business Daily Africa | url=http://www.businessdailyafrica.com/FEP-buys-5-per-cent-stake-in-Credit-Bank/-/539552/3032362/-/item/0/-/g9y5u3/-/index.html|

title=Investment firm FEP buys 5 per cent stake in Nyachae’s Credit Bank |date=14 January 2016 |access-date=15 January 2016 | last=Gachiri |first=John |location=Nairobi}} 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.{{cite web|date=18 January 2016 | url=http://www.businessdailyafrica.com/FEP-set-to-pay-Sh4bn-for-stake-credit-bank/-/539552/3037544/-/item/0/-/nd5mmq/-/index.html|first=John| last=Gachiri|title=FEP set to pay Sh4bn for controlling stake in Nyachae’s Credit Bank |newspaper=Business Daily Africa | access-date=19 January 2016 |location=Nairobi}} As of June 2019, the major shareholders in the bank's stock were as depicted in the table below:{{cite web|url=https://www.businessdailyafrica.com/markets/marketnews/Credit-Bank-in-Sh2bn-cash-call-for-expansion/3815534-5147540-j36njkz/index.html |title=Credit Bank In Sh2 Billion Cash Call For Expansion |newspaper=Business Daily Africa |date=6 June 2019 |access-date=6 June 2019 |author=Victor Juma | location=Nairobi}}

class="wikitable sortable" style="margin: 0.5em auto"

|+ Credit Bank Limited stock ownership

! Rank !!Name of owner!!Percentage ownership

1Nyachae’s Sansora Group{{center|14.96}}
2Sanama Investment{{center|14.34}}
2Ketan Morjaria{{center|9.88}}
3Jay Karia{{center|8.61}}
4Fountain Enterprises Programme Group (FEP){{cite web| url=http://www.businessdailyafrica.com/Corporate-News/539550-3347168-cyg5uj/index.html |title=FEP pays Sh107 million to buy stake in Nyachae majority-owned bank |date=16 August 2016 |access-date=16 August 2016 | newspaper=Business Daily Africa |first=Victor |last=Juma|location=Nairobi}}{{center|5.00}}
5Others{{center|47.21}}
Total{{center|100.00}}

Branches

The bank maintains networked branches at the following locations:{{cite web|title=The Branch Network of Credit Bank Limited|url=http://www.creditbank.co.ke/index.php/contact-us/our-contacts|publisher=Credit Bank Limited|access-date=13 August 2014}}

  1. Main Branch - Mercantile House, Koinange Street, Nairobi
  2. Westland Branch - Empress Plaza, Ring Road, Westlands, Nairobi
  3. Industrial Area Branch - 53 Butere Road, Industrial Area, Nairobi
  4. Lavington Branch - Lavington Mall, James Gichuru Road, Lavington, Nairobi
  5. Kisumu Branch - Swan Centre, Oginga Odinga Road, Kisumu
  6. Kitengela Branch - 2nd Floor, Safari House, Namanga Road, Kitengela
  7. Nakuru Branch I - Giddo Plaza, Eldoret-Nakuru Highway, Nakuru
  8. Kisii Branch - Hospital Road, Kisii
  9. Mombasa Nkrumah Branch - Taiyebi House, Nkrumah Road, Mombasa
  10. Eldoret Branch - Zion Mall, Uganda Road, Eldoret
  11. Ongata Rongai Branch - Maasai Mall, Magadi Road, Ongata Rongai
  12. Machakos Branch - Mbolu-Malu Road, Machakos
  13. Thika Branch - Second Floor, Biashara Plaza, Mama Ngina Street, Thika
  14. Nyali Branch - Nyali Centre, Link Road, Nyali
  15. One Africa Branch - 2nd Floor, One Africa Place, Waiyaki Way, Westlands, Nairobi
  16. New Nairobi Branch - Nairobi
  17. Meru Branch - Meru
  18. Eldoret Branch - Kerio Valley Development Authority Building, Oloo Street, Eldoret{{cite web|access-date=4 April 2019 |url=https://www.businessdailyafrica.com/corporate/companies/4003102-5057364-8gqv6i/index.html |title=Credit Bank Eyes SMEs With Eldoret Outlet |newspaper=Business Daily Africa |date=4 April 2019 |author=Dennis Lubanga |location=Nairobi}}

See also

{{Portal|Banks}}

References

{{reflist|30em}}

External links

  • [http://www.centralbank.go.ke/ Website of Central Bank of Kenya]
  • [http://www.creditbank.co.ke/ Website of Credit Bank Limited]
  • [http://www.businessdailyafrica.com/Nyachae-linked-bank-seeks-Sh5-4bn-diaspora-buyout/-/539552/3166580/-/item/1/-/15mma1u/-/index.html Nyachae-linked bank seeks Sh5.4 billion diaspora buyout]

{{Authority control}}

{{Banking in Kenya}}

Category:Banks of Kenya

Category:Companies based in Nairobi

Category:Economy of Kenya

Category:Banks established in 1986

Category:1986 establishments in Kenya