| Type | Public: NSE: NINC |
|---|---|
| Industry | Financial Services |
| Founded | 1959 |
| Headquarters | Nairobi, Kenya |
| Key people | J.P.M.Ndegwa, Chairman James Macharia, Managing Director |
| Products | Loans, Savings, Checking, Investments, Debit Cards, Credit Cards |
| Revenue | Pretax:US$31 million (2010) |
| Total assets | US$706 million (2010) |
| Website | Homepage |
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four (44) commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.[1]
Contents |
NIC Bank is a large financial services provider in East Africa. Headquartered in Nairobi, Kenya, he bank owns subsidiary companies in Kenya and a controlling interest (51% shareholding), in NIC Bank Tanzania, a commercial bank in neighboring Tanzania. As of December 2010[update], NIC Bank's asset base was valued at over US$706 million (KES:59 billion), with shareholder's equity of over US$88 million.[2]
The bank was founded in 1959 as a joint venture by Standard Bank Limited and Mercantile Credit Company Limited, both headquartered in the United Kingdom at that time. NIC was initially a non-bank financial institution (NBFI). In 1971, NIC became a public company, by listing on the Nairobi Stock Exchange, where it still trades today under the symbol: NNIC.
In 1995, the Central Bank of Kenya required all NBFIs in the country to either convert to fully fledged commercial banks or close shop. NIC applied for and was granted a banking license that same year. In 1997, NIC Bank merged with African Mercantile Bank Limited (AMBank), a Kenyan financial institution.[3] In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank with approximately US$30 million in assets and approximately US$5 million in shareholder's equity at the time.[4][5] As of March 2011[update], Savings and Finance Commercial Bank has rebranded to NIC Bank Tanzania.[6]
In November 2011, Kenyan press reports indicated that NIC Bank was in advanced stages of opening a banking subsidiary in neighboring Uganda.[7]
NIC Bank together with its subsidiaries, which it owns, either wholly or partially, form the NIC Group of Companies or the NIC Group. Members of the group include:[8]
The stock of NIC Bank is listed on the Nairobi Stock Exchange, where it trades under the symbol: NINC. The detailed shareholding in the company stock is not widely known at this time.
The activities of NIC Bank are directed by a ten-person Board of Directors. J.P.M.Ndegwa, one of the non-Executive directors, serves as Chairman.[9]
James Macharia is the Managing Director of the bank. He is assisted by seven (7) other Senior Managers in supervising the day-to-day activities of NIC Bank.[10]
The bank maintains branches at the following locations:[11]