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Diamond Trust Bank Group

{{Short description|African banking group}}

{{hatnote|Not to be confused with Diamond Bank of Nigeria.}}

{{Infobox company

| name = Diamond Trust Bank Group

| logo = DTB Bank logo.png

| type = Public

| traded_as = {{KN|DTK}}

| foundation = 1945

| location = DTB Centre
Mombasa Road
Nairobi, Kenya

| key_people = Linus Gitahi
Chairman
Nasim Devji
Group CEO

| industry = Banking

| products = Banks, mortgages investments

| revenue = US$367 million (KES:40.21 billion) (2021)

| assets = US$4.166+ billion (KES:456.84 billion) (2021)

| num_employees =

| homepage = {{URL|http://www.dtbafrica.com/}}

}}

Diamond Trust Bank Group, in short DTB Group, is an African banking group active in Burundi, Kenya, Tanzania, and Uganda. The flagship company of the group, Diamond Trust Bank Kenya, is licensed by the Central Bank of Kenya, the central bank and national banking regulator in Kenya, the largest economy in the East African Community.{{cite web|url=https://www.centralbank.go.ke/images/docs/Bank%20Supervision%20Reports/Commercial%20Banks%20Directrory%20-%2013%20December%202011.pdf|title=Directory of Commercial Banks And Mortgage Finance Companies|access-date=12 August 2014| publisher = Central Bank of Kenya}}

Location

DTB Group's main offices are located at Diamond Trust Bank Centre (DTBC), along Mombasa Road in Nairobi, Kenya.

Overview

The flagship of DTB Group is Diamond Trust Bank (Kenya), which was founded in 1946. {{as of|December 2013}}, the group is ranked the eighth largest commercial bank, by assets, out of 43 licensed banks in Kenya.{{cite web|url=http://bankelele.co.ke/2014/04/kenya-bank-rankings-2013-part-i.html|title=Kenya Bank Rankings By Assets In 2013|publisher=Bankelele.Co.Ke|access-date=12 August 2014|date=28 April 2014}} At that time, the group's total assets were approximately US$1.924 billion (KES:166.52 billion), with shareholders' equity of about US$242.1 million (KES:20.95 billion).{{cite web| format=PDF|url=http://www.dtbk.dtbafrica.com/publicDocuments/Financial%20Statements%20December%202013.pdf|publisher=Diamond Trust Bank Group|date=3 March 2014|access-date=12 August 2014 |title = Audited 31 December 2013 Financial Statements And Other Disclosures}} As of 2018, it ranked 5th.{{cite news |last1=Michael Ollinga |first1=Oruko |title=Largest Banks in Kenya |url=https://www.tuko.co.ke/283626-top-8-biggest-kenyan-banks-based-latest-central-bank-kenya-analysis.html |access-date=14 September 2019 |work=Tuko |date=22 August 2018}}

The group works in collaboration with the Habib Bank of the Aga Khan Fund for Economic Development and the International Finance Corporation of the World Bank. In July 2017, the Diamond Trust Bank Group acquired 100% ownership of the former "Habib Bank Kenya". The new acquisition merged with Diamond Trust Bank Kenya, effective 1 August 2017. As part of the new acquisition, DTB Group has agreed to retain 41 former Habib Bank employees.{{cite web|

url=http://www.businessdailyafrica.com/corporate/companies/Watchdog-orders-DTB-to-keep-41-Habib-jobs/4003102-4038210-cnf6ht/index.html | title=Watchdog orders DTB to keep 41 Habib jobs |access-date=30 July 2017| first=Brian |

date=30 July 2017 |last=Ngugi |newspaper=The EastAfrican | location=Nairobi}}

Member companies

DTB Group includes the following companies:

= Subsidiaries =

  1. Diamond Trust Bank (Kenya) Limited - Retail banking - Nairobi, Kenya {{flagicon|Kenya}} 100% Shareholding - A commercial bank in Kenya, serving individuals and businesses. This is the flagship company of the group,{{cite web|access-date=28 July 2017 | date=28 July 2017 | url=http://www.businessdailyafrica.com/corporate/companies/Habib-Bank-ceases-operations-after-61-years/4003102-4036188-p97p0dz/index.html |

title=Habib Bank ceases to exist after 61 years as DTB completes buyout| newspaper=Business Daily Africa | first=James |last=Ngunjiri |

location=Nairobi}} accounting for 6.4% of banking assets in Kenya, as at December 2016.{{cite web|access-date=3 August 2017 |location=Nairobi |url=http://www.businessdailyafrica.com/corporate/companies/Habib-deal-lifts-DTB-market-share-to-6-4pc/4003102-4042592-13hqgcez/index.html| title=Habib Bank deal lifts DTB market share to 6.4 percent |

date=2 August 2017 |author=BDA Reporter |newspaper=Business Daily Africa}}

  1. Diamond Trust Bank (Uganda) Limited - Retail banking - Kampala, Uganda {{flagicon|Uganda}} 54.1% Shareholding - A commercial bank in Uganda, serving both individuals and businesses.
  2. Diamond Trust Bank (Tanzania) Limited - Retail banking - Dar es Salaam, Tanzania {{flagicon|Tanzania}} 62.9% Shareholding - A commercial bank in Tanzania, serving both individuals and businesses.
  3. Diamond Trust Bank (Burundi) Limited - Retail banking - Bujumbura, Burundi {{flagicon|Burundi}} 67.3% Shareholding - A commercial bank in Bujumbura, serving individuals and businesses.
  4. Diamond Trust Insurance Agency Limited - Bancassurance - Nairobi, Kenya {{flagicon|Kenya}} 100% Shareholding - This unit offers Bancassurance services.
  5. Diamond Trust Bank (Rwanda) Limited - Retail banking - Kigali, Rwanda {{flagicon|Rwanda}} - In development.{{cite web|title=Kenya’s Diamond Trust Bank To Extend To Rwanda| url=http://www.newtimes.co.rw/news/views/article_print.php?i=13988&a=18798/|first=Correspondent|last=Business Times|date=15 August 2009|access-date=12 August 2014|newspaper=The New Times (Kigali)}}{{cite web

| url = http://www.businessdailyafrica.com/Corporate-News/-/539550/2231002/-/item/0/-/ujpt4uz/-/index.html

| title = DTB Charts New Expansion Path for Kenya Banks

| first = David|last=Herbling|date=4 March 2014|access-date=12 August 2014

| newspaper = Business Daily Africa (Nairobi)}}

  1. Premier Savings and Finance Limited - Dormant - Nairobi, Kenya {{flagicon|Kenya}} 100% Shareholding.

= Associates companies to the group =

  • Jubilee Insurance Company of Burundi - Insurance - Bujumbura, Burundi - 20% Shareholding - An insurance company in Burundi. A member of Jubilee Insurance Company Limited. Jubilee Insurance which shares a common shareholder with Diamond Trust Bank (i.e. AKFED) holds 80 percent of the venture.
  • Services and Systems Limited - (Dormant) - Nairobi, Kenya - 40 percent Shareholding.

Ownership

The shares of the Diamond Trust Bank Group are listed on the Nairobi Stock Exchange. {{as of|2017|July}}, the major shareholders in the Group's stock, are depicted in the table below:{{cite web|url=https://dtbk.dtbafrica.com/investor-files/DTB-Shareholders-Circular.pdf|title=Diamond Trust Bank Group: Shareholder Circular|date=8 May 2017|publisher=Diamond Trust Bank Group|access-date=29 July 2017}}

class="wikitable sortable" style="margin-left:auto;margin-right:auto"

|+ Diamond Trust Bank Group Stock Ownership

! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership

1Aga Khan Fund for Economic Development (AKFED)16.50
2HBL Pakistan of Pakistan part of AKFED16.15
3Jubilee Insurance company of Kenya part of AKFED9.95
4Standard Chartered Nominees A/C Ke189722.78
5Standard Chartered Nominee A/C Ke18965

|2.23

6The Diamond Jubilee Investment Trust (U) Limited, a subsidiary of AKFED1.37
7Others via Nairobi Securities Exchange51.02
Total100.00

Criminal Summons In Uganda

In September 2021, DTB Group Top Management including the Aga Khan, Nasim Devji Mohamed, the group Chief Executive Officer, Varghese Thambi the DTB Uganda Managing Director and John Sitakange the head of credit for DTB Uganda were summoned in Uganda by the Buganda Road Magistrates Court to retort charges of theft, electronic fraud, making fabricated entries in financial ledgers, computer misuse, emitting false documents and conspiracy to commit crime in contravention of; section 254 of the Penal Code Act Cap 120, section 47 (1) and (3) of the financial Institutions Act of 2004, section 19 of the computer misuse Act, section 351 of the Penal Code Act 120 and section 360 of Penal Code Act 120 of the Constitution of Uganda following the Bank's Conviction of fraud by the High Court in Uganda in a civil suite 43 of 2020 filed by Hamis Kiggundu after the bank had defrauded over $30Million from his bank accounts.{{Cite web|date=2021-09-22|title=Ugandan Court Summons Prince Shah Karim Al-Husayni & Others|url=https://allafrica.com/view/group/main/main/id/00079638.html|access-date=2021-09-22|website=allAfrica.com|language=en}}{{Cite web|title=Ham Enterprises Ltd and 2 Others v Diamond Trust Bank (U) Ltd (Civil Application-2020/313) [2021] UGCA 5 (27 January 2021); {{!}} Ulii|url=https://ulii.org/ug/judgment/court-appeal-uganda/2021/5|access-date=2021-09-22|website=ulii.org}}{{Cite web|title=Ham wins sh41b court case|url=https://www.newvision.co.ug/articledetails/1528769|access-date=2021-09-22|website=New Vision|language=en}}

Branch network

{{as of|August 2014}} DTB Group maintains a total of nearly 100 branches in the East African countries where it operates.{{cite web|title=Diamond Trust Profit Hits KSh2.5 Billion|date=11 March 2011|first=Geoffrey|last=Irungu|access-date=12 August 2014| url=http://www.businessdailyafrica.com/Diamond+Trust+profit+hits+Sh25bn/-/539552/1122666/-/4hah1a/-/index.html|newspaper=Business Daily Africa (Nairobi)}} In May 2012, Kenyan press reports indicated that the group planned expansion into Rwanda, the Democratic Republic of the Congo, Mozambique and South Sudan by 2020.{{cite web|access-date=12 August 2014|url=http://www.nation.co.ke/business/news/DTB+gears+up+for+rights+issue+to+drive+regional+expansion++/-/1006/1399620/-/xnv6kq/-/index.html|date=4 May 2012| newspaper = Daily Nation (Nairobi)|title=DTB Gears Up for Rights Issue To Drive Regional Expansion}}

See also

{{Portal|Banks}}

References

{{reflist|30em}}

External links

  • [http://allafrica.com/stories/201304090184.html Diamond Trust Bank Tanzania Records US$7.5 Million Pre-Tax Profit]
  • [http://www.dtbafrica.com/ Diamond Trust Bank Kenya official site]
  • [http://www.diamondtrust-bank.com/ug/ Diamond Trust Bank Uganda official site]
  • [http://allafrica.com/stories/201103210762.html Diamond Trust Bank Group Posts Strong Growth]
  • [http://www.nation.co.ke/business/news/Diamond+Trust+Bank+plans+for+rights+issue+/-/1006/1357160/-/38o9jvz/-/index.html DTB Group Plans Regional Expansion]

{{Authority control}}

{{Agha Khan Fund for Economic Development}}

{{Banking in Kenya}}

Category:Banks of Kenya

Category:Aga Khan Development Network

Category:Companies based in Nairobi

Category:Banks established in 1946

Category:Kenyan companies established in 1946

Category:Companies in the NSE 20 Share Index