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Kingdom Bank Limited (Kenya)

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Kingdom Bank Limited (Kenya)
Company typeSubsidiary of Cooperative Bank of Kenya
IndustryFinancial services
Founded22 November 1999; 24 years ago (1999-11-22)
HeadquartersNairobi, Kenya
Key people
Margaret Karangatha
Chairperson
Anthony Mburu
Chief Executive Office[1]
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
Total assetsKES:12.5 billion (US$117 million) (March 2018)[2]
Websitehttps://www.kingdombankltd.co.ke/

Kingdom Bank Limited (Kenya), formerly Jamii Bora Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[3]

Location

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The headquarters of the bank are located at Kingdom Towers (formerly Jamii Bora Towers), along Argwings Kodhek Road, in Kilimani, Nairobi,[4] approximately 6 kilometres (4 mi), by road, west of the city centre.[5] The geographical coordinates of the bank's headquarters are:01°17'35.0"S, 36°47'23.0"E (Latitude:-1.293056; Longitude:36.789722).[6]

History

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The bank was founded, as a Charitable Trust, by fifty destitute families on the streets of Nairobi, Kenya's capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank. In March 2010, Jamii Bora merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high-net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.[7]

In March 2020, Co-operative Bank of Kenya, the country's fourth-largest commercial bank, with nearly 10 percent market share of national banking assets, proposed the acquisition of Jamii Bora Bank.[8]

Assets

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In March 2018, the bank's total assets were valued at approximately KSh12.5 billion (US$117 million).[2]

Ownership

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Jamii Bora Bank is privately owned. A rights issue of US$4 to 6 million was successfully executed in the 4th quarter of 2010. In November 2011, a new consortium known as Asterisk Holdings, invested KES:410 million (approx:US$4.6 million) in Jamii Bora Bank.[9] Following the acquisition of 90 percent shareholding in the stock of the bank by Cooperative bank of Kenya, the bank ownership was as depicted in the table below, as of August 2020.[10]  

Kingdom Bank Limited (Kenya) Stock Ownership
Rank Name of Owner Percentage Ownership in 2012 Percentage Ownership in 2020
1 Asterisk Holdings 20.08 2.01
2 ShoreCap II Limited 15.25 1.53
3 Jamii Bora Scandinavia AB 12.17 1.22
4 Catalyst JBB Holdings LLC 9.65 0.96
5 Nordic Micro Cap Investments 7.04 0.70
6 Cornerstone Enterprises Limited 4.69 0.47
7 ESOP 4.37 0.44
8 Other investors 26.75 2.68
9 Cooperative Bank of Kenya 0.00 90.00
Total 100.00 100.00

Acquisition

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In March 2020, Co-operative Bank of Kenya, the fourth-largest commercial bank in the country, began the process of acquiring 100 percent shareholding in Jamii Bora Bank. The process required regulatory approvals.[8][11] On 7 August 2020, Cooperative Bank received all the necessary regulatory approvals to acquire 90 percent shareholding in Jami Bora Bank.[12] On 25 August 2020, the bank re-branded to Kingdom Bank Kenya Limited.[1][13]

Branches

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As of August 2020, the bank maintained a network of branches at the following locations:[14]

  1. Koinange Branch - Jamii Bora House, Muindi Mbingu Street, Nairobi
  2. Ongata Rongai Branch: Ongata Rongai, Nairobi
  3. Thika Branch: Kenyatta Avenue, Thika
  4. Kikuyu Branch: Brick House, Kikuyu
  5. Kisumu Branch: Mega Plaza, Oginga Odinga Street, Kisumu
  6. Kayole Branch: Kayole, Nairobi
  7. Nyeri Branch: Naivas Mall, Nyeri
  8. Mtwapa Branch - Mtwapa[15]
  9. Mombasa Branch: Southern House, Moi Avenue, Mombasa
  10. Kawangware Branch: Mbugua Plaza Junction, Kawangware, Nairobi
  11. Kilimani Branch: Jamii Bora House, Argwings Kodhek Road, Nairobi
  12. Kirinyaga Road Branch: Kirinyaga Road, Nairobi
  13. Kitengela Branch: Kitengela
  14. Kiambu Branch: Kiambu
  15. Wangige Branch: Wanie, Kiambu County
  16. Utawala Branch: Utawala, Nairobi
  17. Nakuru Branch: Nakuru
  18. Kisii Branch: Kisii

Governance

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The five-person board of directors is chaired by Margaret Karangatha. Other board members are Gideon Muriuki, the Cooperative Bank Group managing director, Macloud Malonza, Julius Sitienei and Anthony Mburu, the Kingdom Bank CEO.[1][13]

See also

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References

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  1. ^ a b c Patrick Alushula (25 August 2020). "Jamii Bora renamed, gets new CEO after acquisition by Co-operative Bank". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
  2. ^ a b Jackson Okoth (7 January 2020). "KSh1.4 billion Acquisition of Jamii Bora Bank on Back Burners". Nairobi: The Kenyan Wall Street. Retrieved 25 August 2020.
  3. ^ Central Bank of Kenya (January 2020). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorized Non-Operating Holding Companies" (PDF). Nairobi: Central Bank of Kenya. Retrieved 25 August 2020.
  4. ^ Jamii Bora Bank (June 2020). "Contact Us". Nairobi: Jamii Bora Bank. Retrieved 25 August 2020.
  5. ^ "Road Distance Between Central Nairobi And Jamii Bora Bank, Kilimani" (Map). Google Maps. Retrieved 25 August 2020.
  6. ^ "Location of headquarters of Kingdom Bank Kenya Limited (Formerly Jamii Bora Bank)" (Map). Google Maps. Retrieved 25 August 2020.
  7. ^ James Anyanzwa (30 March 2010). "City Finance Buys Out Jamii Bora". The Standard (Kenya). Nairobi. Retrieved 25 August 2020.
  8. ^ a b Margaret Njugunah (11 March 2020). "Co-op Bank to acquire struggling Jamii Bora after CBA settled for NIC". Nairobi: 98.4 Capital FM. Retrieved 25 August 2020.
  9. ^ George Ngigi (6 December 2011). "Jamii Bora Bank targets mid-tier status in upgrade". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
  10. ^ Patrick Alushula (7 August 2020). "Treasury, CBK give nod for Jamii Bora buyout by Co-op Bank". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
  11. ^ Paul Wafula (11 March 2020). "CBK welcomes takeover of Jamii Bora by Co-op Bank". Daily Nation. Nairobi. Retrieved 12 March 2020.
  12. ^ Miriam Wangui (7 August 2020). "Regulator Approves Co-op Bank's 90% Stake Acquisition in Jamii Bora". Nairobi: The Kenyan Wall Street. Retrieved 25 August 2020.
  13. ^ a b Victor Amadala (25 August 2020). "Jamii Bora is now Kingdom Bank, new CEO appointed". The Star (Kenya). Nairobi. Retrieved 25 August 2020.
  14. ^ Jamii Bora Bank (August 2020). "The Branches of Kingdom Bank Kenya Limited". Nairobi: Jamii Bora Bank. Retrieved 25 August 2020.
  15. ^ Wachira Mwangi (8 September 2013). "Jamii Bora Deepens Reach With Mtwapa Branch". Business Daily Africa. Nairobi. Retrieved 22 July 2014.
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