Family Bank
| Type | 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$6.82 million (KES:561.4 million) (2012)[3] |
| Total assets | US$376.4 million (KES:31 billion) (2012) |
| Employees | 1,003 (2010) |
| Website | Homepage |
Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya. It is one of the forty-four licensed commercial banks in the country.[4]
Overview
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. In August 2011, Kenyan media reported that the bank's assets were 1.4% of all commercial bank assets in the country.[5] As of December 2012, the bank's total assets were valued at approximately US$376.4 million (KES:31 billion), with shareholders equity of approximately US$59.5 million (KES:4.9 billion).[6] By June 2013, the bank's total assets had increased to US$406 million (KES:35 billion).[7]
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 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.[8] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[9] 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.[10]
Subsidiaries
As of June 2012, Family Bank is in the process of establishing a banking subsidiary in South Sudan, in partnership with South Sudanese businesspeople. Family Bank South Sudan is expected to become operational in 2012.[11]
Ownership
FBL is a privately owned institution. A consortium consisting of the private equity firm Africinvest of Mauritius, FMO of Netherlands and Norfund of Norway acquired 25% shareholding in Family Bank effective October 2010. In May 2012, Kenyan press reports indicated that Family Bank would list shares of its stock on the Nairobi Stock Exchange (NSE) in the second quarter of 2013.[12] The detailed shareholding in the stock of the bank, as of August 2012, is as depicted in the table below:[13]
