Giro Commercial Bank

Last updated
Giro Commercial Bank
Company type Private
Industry Financial services
Founded1992 (1992)
DefunctFebruary 12, 2017 (2017-02-12) [1]
FateAcquired by I&M Holdings
Headquarters Nairobi, Kenya
Key people
C. J. Gidoomal
Chairman
Sanjay Gidoomal
Executive Director
Products Banking
Website www.girobankltd.com

Giro Commercial Bank, whose full name was Giro Commercial Bank Limited, was a commercial bank in Kenya it was acquired and absorbed by I&M Holdings in 2017. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator. [2]

Contents

As of December 2013, the total asset base of Giro Commercial Bank was valued at approximately KSh.13.623 billion/= (US$157.67 million), with shareholders' equity of approximately KSh.2.086 billion/= (US$24.15 million). Then, the bank held KSh.11.457 billion (US$132.6 million), in customer deposits. [3] At that time, the bank was ranked number 29 out of 43 licensed banks in Kenya. [4]

History

The bank was established as Giro Bank Limited in 1992. In 1998, Giro Bank merged with Commercial Bank Limited, to form Giro Commercial Bank Limited. [5] [6] The stock of the bank is privately owned by individuals and institutions.

On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank. [7] The acquisition was finalized in March 2017 and the operations of Giro Commercial Bank were merged to that of I&M Bank Kenya. [1]

Branch network

As of August 2014, the bank operated a network of branches at the following locations: [8]

  1. Head Office - Giro House, Eldama Park, Nairobi
  2. Banda Street Branch - Hughes Building, Banda Street, Nairobi
  3. Industrial Area Branch - Dunga Road, Industrial Area, Nairobi
  4. Kisumu Branch - Giro House, Oginga Odinga Road, Kisumu
  5. Mombasa Branch - Pan Africa House, Moi Avenue, Mombasa
  6. Parklands Branch - 3rd Parklands Avenue, Ridge Court, Parklands, Nairobi
  7. Westlands Branch - Bandari Plaza, Woodvale Grove, Westlands, Nairobi.

See also

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References

  1. 1 2 "Successful acquisition: Former Giro Commercial Bank branches now sporting I&M Bank branding". 13 March 2017. Archived from the original on 2017-03-28. Retrieved 27 March 2017.
  2. ↑ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya . Retrieved 8 August 2014.
  3. ↑ "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Central Bank of Kenya . Retrieved 8 August 2014.
  4. ↑ "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 9 August 2014.
  5. ↑ "Mergers And Acquisitions Among Kenyan Commercial Banks From 1989 Until 2010". Central Bank of Kenya. Archived from the original on 18 July 2014. Retrieved 8 August 2014.
  6. ↑ "The History of Giro Commercial Bank". Giro Commercial Bank. Retrieved 9 August 2014.
  7. ↑ Mwaniki, Charles (2015-09-07). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa . Nation Media Group . Retrieved 2015-09-07.
  8. ↑ "The Branches of Giro Commercial Bank Limited". Giro Commercial Bank Limited. Retrieved 9 August 2014.
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