Middle East Bank (Kenya)

Last updated
Middle East Bank Kenya Limited
Company type Private
Industry Banking
Founded1981 (1981)
HeadquartersMebank Tower
Jakaya Kikwete Road
Nairobi, Kenya
Key people
A.A.K. Esmail (Chairman), Isaac N. Mwige (Managing Director)
Total assets US$ 100m (Kes 11.02 billion) (2020)
Website www.mebkenya.com

[1] Middle East Bank Kenya is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. [2]

Contents

The bank is a small retail bank, that focuses on meeting the needs of large corporations and high-net-worth individuals. As of December 2013, the bank was ranked number 41, by assets, out of a total of 43 commercial banks in Kenya. [3] as of December 2020, the bank's total assets were valued at about US$100 million (KES:11.02 billion), with shareholders' equity of approximately US$13 million (KES:1.124 billion). [4]

History

Middle East Bank Kenya Ltd started operations in Kenya in August 1981, after receiving a banking license from the Central Bank of Kenya, the national banking regulator. [5] The initial shareholders in the bank were the Al-Futtaim Group, affiliated with the Middle East Bank Group of United Arab Emirates. In 1991, the Al-Futtaim Group divested from the bank, leaving shareholding in Kenyan hands. [6]

In 1995, Banque Belgolaise, a Belgian financial institution acquired 25% shareholding in Middle East Bank Kenya, becoming the single largest shareholder. As a result of multiple bank mergers and acquisitions, that 25% shareholding subsequently came to be owned by BNP Paribas Fortis. 75% shareholding remains in private Kenyan hands. [7]


Ownership

The shares of stock of Middle East Bank Kenya are privately held. The largest single shareholder, with 25% shareholding, is BNP Paribas Fortis, a Belgian financial services provider that is a subsidiary of BNP Paribas, a French banking conglomerate that is the largest banking group in the world. Shareholding in Meddle East Bank is depicted in the table below:

Middle East Bank Kenya Stock Ownership
RankName of OwnerPercentage Ownership
1 BNP Paribas Fortis of Belgium 25.00
2Institutional and Individual Kenyan Investors75.00
Total100.00

Branch network

as of December 2020, the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has three branches; two in Nairobi and another in Mombasa, Kenya's second-largest city. [8]

See also

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References

  1. "Middle East Bank Kenya Ltd - Yellow Pages Online Directory". Yellow Pages Kenya. Yellow Pages Kenya.
  2. "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya . Retrieved 6 August 2014.
  3. "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 6 August 2014.
  4. "Audited Financial Statements And Other Disclosures As At 31 December 2012". Middle East Bank Kenya. Archived from the original on 10 August 2014. Retrieved 6 August 2014.
  5. "Middle East Bank Branches | Middle East Bank Branches Kenya | Middle East Bank". www.banks-kenya.com. Retrieved 2020-01-23.
  6. "Middle East Bank Kenya Q3 Earnings Jump to KSh 70.1 Million". Kenyan Wallstreet. 2019-11-27. Retrieved 2020-01-23.
  7. "History of Middle East Bank Kenya". Middle East Bank Kenya. Retrieved 6 August 2014.
  8. "The Branches of Middle East Bank Kenya". Middle East Bank Kenya. Archived from the original on 8 August 2014. Retrieved 6 August 2014.