Family Bank

Family Bank is a medium-sized commercial bank in Kenya. {{As of|2017|December|31|post=,}} 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).{{cite web |date=28 March 2018 |url=https://familybank.co.ke/wp-content/uploads/2018/06/Family-Bank-Audited-Financials-2017.pdf |title=Family Bank Audited Financials for the Year Ended 31 December 2017 |publisher=Family Bank |author=Family Bank |access-date=1 March 2019 |location=Nairobi |archive-date=2 March 2019 |archive-url=https://web.archive.org/web/20190302025043/https://familybank.co.ke/wp-content/uploads/2018/06/Family-Bank-Audited-Financials-2017.pdf |url-status=dead }}

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 bank's first 23 years. 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.{{cite web

| url = http://familybank.co.ke/about-us/profile/|title=Profile of Family Bank Limited|access-date=11 August 2014|publisher=Family Bank Limited}} Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.{{cite web|title=Kenya: Family Bank Outlines Branch Expansion Plans|date=6 August 2014|access-date=11 August 2014

| url = http://allafrica.com/stories/201408060826.html|last=Langat

| first = Anthony|publisher=CAJ News Agency (Johannesburg) via AllAfrica.com}}

In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.{{Citation needed|date=August 2022}}

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 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.{{cite web|newspaper=Business Daily Africa (Nairobi)|access-date=11 August 2014| url=http://www.businessdailyafrica.com/Corporate-News/Equity-firms-sell--Family-Bank-stake-to-KTDA--Laptrust/-/539550/1647156/-/xihh2i/-/index.html| first=Mugambi| last = Mutegi|date=18 December 2012|title=Equity Firms Sell Family Bank Stake To KTDA, Laptrust}}

{{As of|2015|June|post=,}} the bank's shareholding was as follows:{{cite web|url = http://familybank.co.ke/wp-content/uploads/2015/10/Family-Bank_MTN-_Information-Memorandum.pdf|title = Family Bank MTN – Information Memorandum|date = 30 September 2015|access-date =13 October 2015|

publisher = Family Bank}}

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.{{cite web| title=Kenya: Family Bank Officially Opens Its 92nd Branch in Eastleigh | url=https://allafrica.com/stories/202102150385.html |date=12 February 2021 |publisher=98.4 Capital FM |author=Margaret Njugunah |access-date=15 February 2021 |location=Nairobi}}

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.

{{Portal|Banks}}

• List of banks in Kenya
• Central Bank of Kenya
• Economy of Kenya

{{Reflist}}

• [http://www.familybank.co.ke/ Website of Family Bank]

{{Authority control}}

{{Banking in Kenya}}

{{Nairobi}}

Category:Banks of Kenya

Category:Banks established in 1984

Category:Companies based in Nairobi

Category:1984 establishments in Kenya