Standard Chartered Kenya

Last updated
Standard Chartered Bank Kenya
Company type Public
KN: SCBK
Industry Financial services
Founded1910 (1910)
Headquarters Nairobi, Kenya
Key people
Patrick Obath (chairperson), [1] Kariuki Ngari (chief executive officer) [2]
Products Loans, transaction accounts, savings, investments, debit cards
RevenueIncrease2.svg Aftertax: US$108.7 million (KES:9.26 billion) (2013) [3] [4]
Total assets US$2.539 billion (KES:220.39 billion) (2013)
Number of employees
1,040+ (2011)
Parent Standard Chartered
Website www.sc.com/ke

Standard Chartered Kenya, whose official name is Standard Chartered Bank Kenya Limited, but is sometimes referred to as Stanchart Kenya, is a commercial bank in Kenya. It is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered. Stanchart Kenya is one of the banks licensed by the Central Bank of Kenya, the central bank and national banking regulator, in the largest economy in the East African Community. [5]

Contents

Standard Chartered Kenya is a large financial services provider in Kenya. As of December 2013, the bank's total assets were valued at about US$2.539 billion (KES:220.39 billion), with shareholders' equity of about US$417.1 million (KES:36.2 billion). [6] At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country. [7]

History

According to the website of the Central Bank of Kenya, the Standard Bank of British South Africa received its commercial banking license in 1910 to start banking operations in British East Africa. In January 1911, it opened its first two branches, one in the national capital, Nairobi, and another in the port city of Mombasa. [8] [9]

In 1969, the bank's name was changed to Standard Chartered Bank of Kenya when its parent company, the Standard Bank of South Africa , merged with the Chartered Bank of India, Australia and China forming the Standard Chartered Bank. In 1987, Standard Chartered sold all its shareholding in Standard Bank of South Africa, entirely divesting from the group. [10]

The stock of Standard Chartered Kenya was listed on the Nairobi Securities Exchange (NSE) in 1989, [11] offering 21 million shares to the public. This was the largest single placing at the NSE at the time. As of August 2014, the bank had a network of 34 branches, 90 automated teller machines and nearly 1,700 employees.

Ownership

The stock of the bank is listed on the Nairobi Stock Exchange, where it trades under the symbol:SCBK. The shareholding in the bank is summarized in the table below: [12]

Stanchart Kenya Stock Ownership
RankName of OwnerPercentage Ownership
1 Standard Chartered Group 74.00
232,000+ Institutional & Individual Investors on the Nairobi Stock Exchange 26.00
Total100.00

Subsidiaries

In 2006, Standard Chartered Kenya acquired 25% shareholding in First Africa Capital, a financial services advisory company with headquarters in Nairobi and offices in London and Johannesburg, co-founded by Wanjiku Mugane, a Kenyan attorney and investment banker, who served as its CEO. In 2009, Standard Chartered acquired 100% of First Africa stock, renaming the company Standard Chartered Securities (SCS), to reflect the new ownership. Caroline Wanjiku Mugane served as the Chief Executive Officer at SCS from 2006 until Standard Chartered Bank closed the subsidiary in 2013. [13]

See also

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References

  1. ↑ Juma, Victor (1 November 2012). "Kiboro Exits StanChart for Top Role At Family Bank". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  2. ↑ Juma, Victor (11 December 2013). "Etemesi Moves To StanChart South Africa As CEO". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  3. ↑ Herbling, David (25 March 2014). "StanChart overtakes Barclays With 14.8% Growth In Earnings". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  4. ↑ "StanChart Posts USh9.3 Billion Net Profit, Pulls Ahead of Cooperative Bank". Business Daily Africa (Nairobi). 25 March 2014. Retrieved 4 August 2014.
  5. ↑ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya . Retrieved 5 August 2014.
  6. ↑ "Standard Chartered Bank Kenya Limited Consolidated Full Year Financial Statements And Disclosures 31 December 2013" (PDF). Standard Chartered Bank Kenya Limited. Retrieved 5 August 2014.
  7. ↑ "Kenya Bank Rankings By Assets 2013. As at 2015 the CEO is Mr. Caleb Mugendi". Bankelele.Co.Ke. 28 April 2014. Retrieved 5 August 2014.
  8. ↑ "A History of Banking In Kenya: From The 1800s To The 1900s". Kenya Bankers' Association © 2013 Kenya Bankers Association. Archived from the original on 12 May 2014. Retrieved 5 August 2014.
  9. ↑ "Standard Bank of South Africa (Later The Standard Bank Limited)". AIM25 . London: Standard Bank of British South Africa Limited. Retrieved 2015-10-06.
  10. ↑ "Standard Bank: Our History In Africa". Standard Bank of South Africa. Archived from the original on 28 May 2008. Retrieved 5 August 2014.
  11. ↑ "History of Standard Chartered Kenya". Standard Chartered Bank Kenya. Retrieved 5 August 2014.
  12. ↑ "Shareholding In Standard Chartered Kenya". Standard Chartered Bank Kenya. Retrieved 5 August 2014.
  13. ↑ Omondi, Michael (27 October 2013). "StanChart Shuts Down Corporate Advisory Unit". Business Daily Africa (Nairobi). Retrieved 26 November 2014.
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