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

Giro Commercial Bank traces its roots from Credit & Commerce Finance Limited (CCF), a non-bank financial entity founded in 1986. In 1992, the shareholders of CCF founded Giro Bank Limited to provided conventional banking services, while CCF retained its focus on hire purchase and trade finance. [5] Due to the changing trends, regulatory requirements in the Kenyan banking industry, CCF obtained a commercial banking license from the Central Bank of Kenya in April 1996 and changed its name to Commerce Bank Ltd. [6]

In 1998, Giro Bank and Commerce Bank merged to consolidate operations adopting the unified name Giro Commercial Bank Limited. [7] 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. [8] [9] 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: [10]

  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

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. ↑ "The History of Giro Commercial Bank". Giro Commercial Bank. Archived from the original on 27 February 2017. Retrieved 9 August 2014.
  6. ↑ Central Bank of Kenya (2017). "Conversions to Commercial Banks in Kenya 1994 - 2008". Nairobi: Central Bank of Kenya . Retrieved 15 April 2020.
  7. ↑ "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.
  8. ↑ Mwaniki, Charles (2015-09-07). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa . Nation Media Group . Retrieved 2015-09-07.
  9. ↑ "Acquisition of Giro Commercial Bank Limited by I&M Bank Limited" (PDF). Central Bank of Kenya. 17 February 2017. Retrieved 21 April 2025.
  10. ↑ "The Branches of Giro Commercial Bank Limited". Giro Commercial Bank Limited. Retrieved 9 August 2014.
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