Family Bank

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Family Bank
Company typePrivate
Industry Financial services
Founded1984;40 years ago (1984)
Headquarters Nairobi, Kenya
Key people
Wilfred Kiboro
Chairman [1]
Nancy Njau
Managing Director & CEO [2]
Products Loans, checking, savings, investments, debit cards
RevenueDecrease2.svgAftertax:US$10.1 million (KES:1.0 billion) (2017) [3]
Total assets US$696 million (KES:69.12 billion) (2017) [3]
Number of employees
1,324 (2019) [4]
Website familybank.co.ke

Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. [5]

Contents

Overview

Family Bank is a medium-sized commercial bank in Kenya. As of 31 December 2017, the bank's total assets were valued at KSh69.12 billion (approximately US$696 million), with shareholders' equity of KSh11.75 billion (approximately US$118.3 million). [3]

History

The bank was founded in 1984 as Family Finance Building Society Limited. 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 organisation. In 2007, it became a commercial bank, following the issuance of a banking license 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. [6] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network. [7]

In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.[ citation needed ]

In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image. This is the same building where founder Mr. TK Muya had rented a small space that served as both a branch and his office.

Ownership

The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES:1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE) in the future. [8]

As of June 2015, the bank's shareholding was as follows: [9]

Family Bank Stock Ownership
RankName of OwnerPercentage Ownership
1 Kenya Tea Development Agency 15.45
2The Estate of Rachel Njeri Muya13.42
3Daykio Plantations Limited12.30
4Titus Kiondo Muya5.34
5Standard Chartered Kenya Nominees A/C 9660B3.73
6 PA Securities 3.57
7Kenya Orient Insurance Ltd2.86
8Julius Brian Kiondo Muyah2.69
9Ann Njeri2.68
10Mark Keriri2.68
11Others35.27
Total100.00

Branch network

In February 2021, the bank opened its 92nd networked brick-and-mortar branch, in the Nairobi neighborhood called Eastleigh. At that time Family Bank maintained branches in 34 out of Kenya's 47 counties. [10]

Governance

The chairman of the board of directors is Wilfred D. Kiboro, one of the non-executive directors. Nancy Njau is the chief executive officer, effective 2 January 2024. [2]

See also

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References

  1. ↑ John Njiru (2 November 2012). "Kiboro Joins Family Bank As Chairman". Daily Nation . Nairobi, Kenya. Retrieved 11 August 2014.
  2. 1 2 Phyllis Muchoki (23 November 2023). "Nancy Njau Replaces Rebecca Mbithi As New Family Bank Kenya CEO". Financial Fortune Media. Nairobi, Kenya. Retrieved 28 December 2023.
  3. 1 2 3 Family Bank (28 March 2018). "Family Bank Audited Financials for the Year Ended 31 December 2017" (PDF). Nairobi: Family Bank. Archived from the original (PDF) on 2 March 2019. Retrieved 1 March 2019.
  4. ↑ Bloomberg L.P. (1 March 2019). "Company Overview of Family Bank Limited". New York City: Bloomberg L.P. Retrieved 1 March 2019.
  5. ↑ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Nairobi: Central Bank of Kenya. 29 March 2016. Retrieved 29 March 2016.
  6. ↑ "Profile of Family Bank Limited". Family Bank Limited. Retrieved 11 August 2014.
  7. ↑ Langat, Anthony (6 August 2014). "Kenya: Family Bank Outlines Branch Expansion Plans". CAJ News Agency (Johannesburg) via AllAfrica.com . Retrieved 11 August 2014.
  8. ↑ Mutegi, Mugambi (18 December 2012). "Equity Firms Sell Family Bank Stake To KTDA, Laptrust". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
  9. ↑ "Family Bank MTN – Information Memorandum" (PDF). Family Bank. 30 September 2015. Retrieved 13 October 2015.
  10. ↑ Margaret Njugunah (12 February 2021). "Kenya: Family Bank Officially Opens Its 92nd Branch in Eastleigh". Nairobi: 98.4 Capital FM . Retrieved 15 February 2021.
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