Gulf African Bank

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Gulf African Bank
Industry Financial services
Founded 2008
Headquarters Nairobi, Kenya
Key people Asad A. Ahmed
chief executive officer
Revenue IncreaseAftertax: US$863,600+ (KES:73.8 million) (2010)
Total assets US$112.3+ million (KES:9.6 billion) (2010)
Website Homepage

Gulf African Bank (GAB), whose full name is Gulf African Bank Limited, is a commercial bank in Kenya. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya, the national banking regulator.[1]

Overview

As of March 2011 the bank is a mid-sized financial services provider in Kenya. Its total assets were valued at approximately US$112.3 million (KES:9.6 billion), with customer deposits totalling approximately US$96 million (KES:8.2 billion), and shareholders' equity estimated at approximately US$16.3 million (KES:1.39 billion).[2] By September 2012, the shareholders' funds had increased to US$31.4 million (KES:2.6 billion).[3] The bank has plans to enter Uganda and Tanzania.[4]

History

Discussions to establish the bank started in 2005, by individuals and institutions from the Persian Gulf and Kenya. The bank began banking operations in 2008, after receiving a commercial banking license and authorisation to establish a Sharia bank, from the Central Bank of Kenya. Gulf African Bank is the second commercial bank in Kenya to receive authorisation to practice Sharia banking, after First Community Bank, which opened in 2007. At the time it opened, its capital base totalled over US$21 million (KES:1.75 billion).[5]

Ownership

The shares of stock in Gulf African Bank are privately held by institutional and private investors from the Persian Gulf, Kenya and the United States of America. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the investors listed in the table below:[6] In September 2012, the International Finance Corporation acquired 16% shareholding in the bank for US$5 million. It is not clear how the shareholding will look after the money changes hands.[7]

Gulf African Bank Stock Ownership
Rank Name of OwnerPercentage Ownership
1Istithmar PJS of United Arab Emirates – A Private Equity Firm32.0
2BMI Bank of Bahrain21.3
3Sheikh Abdallah Mohammed Al Romaizan of Saudi Arabia – An Individual21.3
4GulfCap Group of United Arab Emirates – A Private Investment Company10.3
5PTA Bank of Eastern and Southern Africa – A Multinational Development Bank5.3
6Other Individual Investors from Kenya and the Persian Gulf9.8
Total100.00

As of November 2010, the bank operates a network of twelve (12) branches in Kenya[8]

See also

External links

References

  1. ↑ List of Licensed Commercial Banks In Kenya
  2. ↑ December 2010 Financial Data
  3. ↑ Shareholders' Equity As Of September 2012
  4. ↑ Overview of Gulf African Bank
  5. ↑ Gulf African Bank Joins Profit-Makers' Curve
  6. ↑ Major Shareholders In Gulf African Bank
  7. ↑ IFC Acquires 16% Shareholding In Gulf African Bank
  8. ↑ Branches of Gulf African Bank
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