Family Bank is a medium-sized commercial bank in Kenya. As of 31December2017,[update] 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 bank's first 23 years. 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 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 June2015,[update] the bank's shareholding was as follows:[9]
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]
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Aftertax: US$10.1 million (KES: 1.0 billion) (2017) [3] 
