Family Bank
| Private | |
| Industry | Financial Services |
| Founded | 1984 |
| Headquarters | Nairobi, Kenya |
|
Key people
|
William Kiboro Chairman[1] Peter Maina Munyiri Chief Executive Officer[2] |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |  Aftertax:US$19.8 million (KES:1.98 billion) (2015)[3] |
| Total assets | US$812.7 million (KES:81.3 billion) (2015)[3] |
|
Number of employees
|
1,003 (2010) |
| Slogan | "With You For Life" |
| Website | Homepage |
Family Bank Limited (FBL), commonly known as Family 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.[4]
Contents
Overview
Family Bank is a medium-sized commercial bank in Kenya. It is the fifth largest bank by branch network. As of June 2015[update], the bank had 87 branches spread out all over Kenya and a customer base of over 1.6 million. As of 31 December 2015, the bank's total assets were valued at KSh81.3 billion (approx.US$812.7 million), with shareholders' equity of KSh11.9 billion (approx.US$119 million).[3]
History
The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the former non-Executive Chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the Society's life. In 2007, FFBSL transformed into a fully fledged 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.[5] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[6]
In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.
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. An interesting point to note is the fact that this is the same building on ground floor from where Family Founder Mr. TK Muya had rented out a small space that served as both a branch and his office.
Ownership
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 future.[7]
As of June 2015[update], the bank's shareholding was as follows:[8]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | KTDA Holdings Ltd | 15.45 |
| 2 | The Estate of Rachel Njeri Muya | 13.42 |
| 3 | Daykio Plantations Limited | 12.30 |
| 4 | Titus Kiondo Muya | 5.34 |
| 5 | Standard Chartered Kenya Nominees A/C 9660B | 3.73 |
| 6 | PA Securities | 3.57 |
| 7 | Kenya Orient Insurance Ltd | 2.86 |
| 8 | Julius Brian Kiondo Muyah | 2.69 |
| 9 | Ann Njeri | 2.68 |
| 10 | Mark Keriri | 2.68 |
| 11 | Others | 35.27 |
| Total | 100.00 |
Branch network
The bank maintains a network of nearly 87 branches as of September 2015, with plans to have over 100 networked branches by the end of 2016.[9][10][11]
Governance
The Chairman of the board of directors is Wilfred D Kiboro, one of the non-executive directors. Peter Munyiri serves as the managing director and chief executive officer.[12]
See also
References
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External links
- Website of Family Bank
- Website of Central Bank of Kenya
- Rankings of Kenyan Commercial Banks By Assets 2009
- Peter Munyiri Takes Over As Family Bank CEO
