Bank of Africa Kenya

Last updated

Bank of Africa Kenya Limited
Type Private
IndustryBanking and Finance.
PredecessorCalyon Bank Kenya Limited
Founded2004
Headquarters
Nairobi, Kenya
Key people
Dennis Awori
Chairman
Ronald Marambii
Managing Director
ProductsLoans, mortgages, investments, debit cards, credit cards
RevenueDecrease2.svg KES:2.04 billion (US$ 18.7 million) (2019) [1]
Total assets Increase2.svg KES:43.996 billion (US$403.27 million) (2019) [1]
Number of employees
530+ (2016) [2]
Website boakenya.com

Bank of Africa Kenya Limited (BOA Kenya), is a commercial bank in Kenya. It is one of the commercial banks licensed by Central Bank of Kenya, the country's central bank and the national banking regulator. [3]

Contents

Overview

BOA Kenya is a mid-tier bank and is ranked 15th out of the 42 commercial banks in Kenya by the CBK. The bank provides banking services to corporate, SMEs, investment groups as well as individuals. As at 31 December 2019, the bank's total assets were valued at KES:43.996 billion (US$403.27 million), with shareholders' equity valued at KSh4.28 billion (approx. USD39.2 million. [1] The bank's customer base was in excess of 100,000, as of March 2016. [2]

History

The Bank traces its roots from Calyon Bank (formally Credit Agricole Indosuez) which was founded in 1981. [4] In April 2004, Groupe Bank of Africa (BOA Group) acquired the operations of Credit Agricole Indosuez in Kenya and incorporated them into its newly formed subsidiary BOA Kenya. This transaction was completed on June 30, 2004. [5]

BOA Kenya has invested in BOA Uganda (52.72%), making it a subsidiary and a 24.1% stake in BOA Tanzania, making it an associate. [6]

Ownership

BOA Kenya is a member of the Mali based Bank of Africa Group. As of December 2019, shareholding in the bank's stock was as depicted below: [1]

BOA Kenya Stock Ownership
RankName of OwnerPercentage Ownership
1Bank of Africa Benin
31.34
2 Bank of Africa Group
24.01
3 Netherlands Development Finance Company (FMO)
13.01
4Bank of Africa Madagascar
11.65
5Bank of Africa Ivory Coast
11.00
6 Bank of Africa (Red Sea)
7.03
7Agora S.A.*
1.95
Total
100.00

Note:

Governance

BOA Kenya is governed by a ten-person board of directors with Dennis Awori as Chairman and Ronald Marambii as the Managing Director. [8]

See also

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References

  1. 1 2 3 4 Bank of Africa Kenya (25 March 2020). "Bank of Africa Kenya Limited: Annual Report and Financial Statements for the Year Ended 31 December 2019" (PDF). Nairobi: Bank of Africa Kenya Limited. Retrieved 10 January 2021.
  2. 1 2 Mugambi Mutegi (17 March 2016). "Bank of Africa acquires KSh1.5bn office block in Westlands for relocation". Business Daily Africa . Nairobi. Retrieved 29 March 2016.
  3. ↑ CBK (28 March 2016). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions and Authorised Non-Operating Bank Holding Companies" (PDF). Nairobi: Central Bank of Kenya (CBK). Retrieved 28 March 2016.
  4. ↑ "BOA Niger - 2014 Rapport annuel" (PDF). BOA Group. Archived from the original (PDF) on 25 December 2015. Retrieved 24 December 2015.
  5. ↑ "Gazette Notice: 4697". Kenya Gazette. Vol. 106. Nairobi: Government Press. 25 June 2004. p. 1416.
  6. ↑ "Annual Report 2014" (PDF). Bank of Africa Uganda . 31 December 2014. Archived from the original (PDF) on 25 December 2015. Retrieved 24 December 2015.
  7. ↑ Bank of Arica Group (24 December 2015). "Our Key Figures". Bank of Africa Group . Retrieved 24 December 2015.
  8. ↑ Herbling, David (24 March 2016). "Bogged by bad debts Bank of Africa Kenya sinks into loss territory". Business Daily Africa . Nairobi. Retrieved 28 March 2016.
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