| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 1984 |
| Headquarters | Nairobi, Kenya |
| Key people | Titus Muya Chairman Peter Maina Munyiri Chief Executive Officer[1] |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue | Aftertax:US$4.84 million (KES:391 million) (2010) |
| Total assets | US$250 million (KES:20.2 billion) (2010)[2] |
| Employees | 900+ (2009) |
| Website | Homepage |
Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya. It is one of the forty-four (44) licensed commercial banks in the country.[3]
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Family Bank is a medium-sized commercial bank in Kenya, East Africa's largest economy. The bank serves individuals and businesses, focusing on the poor and previously un-banked in the country. As of December 2010[update], the bank's total assets were valued at approximately US$250 million (KES:20.2 billion), with shareholders equity of approximately US$38.5 million (KES:3.1 billion).[4] In August 2011, Kenyan media reported that the bank's assets were 1.4% of all commercial bank assets in the country.[5]
The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the current 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 licence 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.[6] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[7] In October 2010, a consortium consisting of private equity firm AfricInvest, based in Mauritius, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million.[8]
FBL is a privately owned institution. The detailed shareholding in the stock of the bank is not publicly known at this time. A consortium consisting of the private equity firm AfricInvest of Mauritius, FMO of Netherlands and Norfund of Norway owns 25% shareholding in Family Bank effective October 2010.
The bank maintains a network of fifty-four (54) branches around the country. Locations where the bank branches can be found include:[9]
The Chairman of the Board of Directors is Titus Muya, one of the non-executive directors. Peter Munyiri serves as the Managing Director and Chief Executive Officer.[10]
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