SBM Bank Kenya Limited

SBM Bank (Kenya) Limited
Private
Industry Financial Services
Founded 1988
Headquarters Nairobi, Kenya
Key people
 James Birnie
Chairman
Rana Sengupta
Managing Director
Kass Khimji
General Manager[1]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards
Revenue IncreaseAfertax:US$2.6 million) (KES:228.5 million) (2013)[2]
Total assets US$147.8 million (KES:12.78 billion) (2013)
Parent SBM Group
Website Homepage

SBM Bank (Kenya) Limited, previously known as Fidelity Commercial Bank Limited, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[3]

Overview

The bank is a medium-sized retail bank, serving mainly the urban areas of Nairobi and Mombasa. As of December 2013, FidelityBank had an asset base of about US$147.8 million (KES:Shs12.78 billion).[4] At that time, the bank was ranked number 32, out of the 43 licensed commercial banks in the country.[5] In December 2012, shareholders' equity at the bank was valued at about US$11.6 million (KES:1.02 billion).[6]

History

The institution was incorporated in 1988 as African Finance Company. In 1992, the finance company rebranded as Fidelity Finance Limited. In 1996, the institution rebranded again as Fidelity Commercial Bank Limited, having been granted a banking license by the Central Bank of Kenya, the national banking regulator. The bank was making plans to list its stock on the Nairobi Securities Exchange[7] but this plans were put on hold.

In November 2016, SEM listed SBM Group announced that it has reached an agreement to acquire a majority stake in the bank.[8] This process was conclude in May 2017 and the bank's name was changed to SBM Bank (Kenya) Limited.[9]

Ownership

SBM Bank (Kenya) is a privately held institution. It is a subsidiary of Mauritian based SBM Group. One other shareholder is the private equity firm Duet Group of the United Kingdom, which acquired its shareholding in March 2016 for KSh1.9 billion (approx. US$19 million).[10]

Governance

James Birnie, one of the non-Executive Directors of the bank, serves as the Chairman of the seven-member Board of Directors.[11] Rana Sengupta is the Managing Director of the bank, since September 2008.

Branch Network

As of November 2014, the bank maintains branches at the following locations:[12]

  1. Head Office - 7th Floor, IPS Building, Kimathi Street, Nairobi
  2. City Center Branch - Jubilee Exchange, Kaunda Street, Nairobi
  3. Westlands Branch - Ground Floor, Shimmers Plaza, Westlands Road, Westlands, Nairobi
  4. Industrial Area Branch - Dar es Salaam Road, Nairobi
  5. New Muthaiga Branch - Ground Floor, New Muthaiga Shopping Mall, Thigiri Ridge Road, Nairobi
  6. Kilimani Branch - First Floor, 197 Lenana Place, Nairobi
  7. Mombasa Branch - Dedan Kimathi Street, Opposite Pandya Memorial Hospital, Mombasa
  8. Diani Branch - Baharini Plaza, Beach Road, Diani
  9. Malindi Branch - Sabaki Centre, Lamu Road, Malindi
  10. Changamwe Branch - Airport Road, Changamwe, Mombasa
  11. Nyali Branch - Nyali Centre, Links Road, Mombasa
  12. Parklands Branch - Highridge, Parklands, Nairobi
  13. Sameer Branch - Sameer Industrial Park, Nairobi
  14. Nakuru Branch - Nakuru
  15. Meru Branch - Meru
  16. Eldoret Branch - Eldoret[1]

See also

References

  1. 1 2 Omusolo, Moses (18 November 2015). "Fidelity Commercial Bank announces plans to build Sh700 million head office". Daily Nation. Nairobi. Retrieved 18 November 2015.
  2. ↑ Mwaniki, Charles (2 April 2014). "Fidelity Bank To Open Five New Branches". Business Daily Africa (Nairobi). Retrieved 10 August 2014.
  3. ↑ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 10 August 2014.
  4. ↑ Banking, Business (9 April 2014). "Kenya: Fidelity Bank Plans 2014 Expansion As Profit Soars". Capital FM via AllAfrica.com. Retrieved 10 August 2014.
  5. ↑ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 10 August 2014.
  6. ↑ FCBL, . (2013). "Audited 31 December 2012 Financial Statement". FidelityBank.Co.Ke (FCBL). Retrieved 10 August 2014.
  7. ↑ FCBL, . (2008). "The Profile of FidelityBank". FidelityBank.Co.Ke © FidelityBank 2008.
  8. ↑ Mwaniki, Charles (22 March 2016). "Fidelity sells British fund Duet stake for Sh1.9 billion". Business Daily Africa. Nairobi. Retrieved 23 March 2016.
  9. ↑ "Fidelity Bank now SBM Kenya after Mauritian group buyout". Business Daily Africa. Nation Media Group. 11 May 2017. Retrieved 11 May 2017.
  10. ↑ Miriri, Duncan (November 22, 2016). Potter, Mark, ed. "Mauritian bank SBM says to acquire Kenya's Fidelity Bank". Reuters. Thomson Reuters. Retrieved November 22, 2016.
  11. ↑ NK.O, . "James Birnie Is Chairman At FidelityBank". NatureKenya.Org (NK.O). Retrieved 10 August 2014.
  12. ↑ FidelityBank, . "The Branches of FidelityBank". FidelityBank.Co.Ke © FidelityBank 2012. Retrieved 10 August 2014.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.