Jamii Bora Bank

Jamii Bora Bank (JBB), is a commercial bank in Kenya. It is one of the forty-four (44) commercial banks licensed by the Central Bank of Kenya, the national banking regulator.^[2]

History

The bank was founded, as a Charitable Trust, by fifty (50) 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.^[3]

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.^[4] In the merger, CFB acquired JBB and took on the name of its new acquisition. Baraka Africa Fund (BAF), and other individual investors own a stake in Jamii Bora Bank.^[5]

Assets

As of November 2009^[update] it was estimated that the total asset valuation of the bank, after the merger with City Finance Bank was in excess of US$60 million (KES:5 billion).^[6] As of November 2011, the shareholders' equity in Jamii Bora Bank was approximately US$10 million (KES:900 million).^[7]

Ownership

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. The major shareholders in the stock of the bank, as of December 2011 are listed in the table below:^[8]