United Bank for Africa (Kenya)

Last updated
United Bank for Africa (Kenya)
Private
Industry Banking
Founded2009 (2009)
Headquarters Nairobi, Kenya
Key people
Isaac Mwige (Managing Director)
Products Loans, transaction accounts, savings, investments, debit cards
RevenueIncrease2.svgAftertax:US$683,259 (KES:68 million) (H1:2016) [1]
Number of employees
70 (2016 [1] )
Parent United Bank for Africa
Website www.ubagroup.com/countries/KE

United Bank for Africa (Kenya) Limited (UBAKL), commonly referred to as UBA Kenya, is a commercial bank in Kenya. It is licensed and supervised by the Central Bank of Kenya, the central bank and national banking regulator. [2]

A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.

Kenya Republic in East Africa

Kenya, officially the Republic of Kenya, is a country in Africa with 47 semiautonomous counties governed by elected governors. At 580,367 square kilometres (224,081 sq mi), Kenya is the world's 48th largest country by total area. With a population of more than 52.2 million people, Kenya is the 27th most populous country. Kenya's capital and largest city is Nairobi while its oldest city and first capital is the coastal city of Mombasa. Kisumu City is the third largest city and also an inland port on Lake Victoria. Other important urban centres include Nakuru and Eldoret.

Central Bank of Kenya central bank

The Central Bank of Kenya (CBK) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge is current Governor of CBK and Sheila M’Mbijjewe is the Deputy Governor.

Contents

The bank is a small-sized commercial bank in Kenya, the largest economy in the East African Community. UBA Kenya Limited is a subsidiary of the Nigerian financial conglomerate United Bank for Africa, with subsidiaries in 20 African countries, the United States, the United Kingdom and France. [3]

East African Community intergovernmental bloc

The East African Community (EAC) is an intergovernmental organization composed of six countries in the African Great Lakes region in eastern Africa: Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda. Paul Kagame, the president of Rwanda, is the EAC's chairman. The organisation was founded in 1967, collapsed in 1977, and was revived on 7 July 2000. In 2008, after negotiations with the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA), the EAC agreed to an expanded free trade area including the member states of all three organizations. The EAC is an integral part of the African Economic Community.

Nigeria Federal republic in West Africa

Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja, is located. The constitution defines Nigeria as a democratic secular state.

United Bank for Africa pan-African financial services group

United Bank for Africa (UBA) Plc, is a leading pan-African financial services group headquartered in Nigeria. It is one of Africa's best and most resilient banking Groups with operations in 20 African countries and offices in three global financial centers: London, Paris and New York.

History

Established in 2009, [4] with capital investment of KES:2.5 billion (approx. US $ 25 million), the bank has accumulated losses of KES:1.4 billion (approx. US $ 14 million) in the seven years that followed. [1] [5] [6] UBA Kenya made a profit for the first time during the first half of 2016. [1]

Ownership

United Bank for Africa (Kenya) is a wholly owned subsidiary of United Bank for Africa, headquartered in Lagos, Nigeria. [1] [7]

Branches

The bank maintains networked branches at the following locations: [1] [8]

  1. Westlands Branch - Apollo Centre, Westlands, Nairobi (Main Branch)
  2. Upper Hill Branch - NHIF Building, Upper Hill, Nairobi
  3. Industrial Area Branch - Industrial Area, Enterprise Road, Nairobi

See also

Economy of Kenya economy of the country

Kenya has a market-based economy with a liberalized external trade system and a few state enterprises. Major industries include: agriculture, forestry, fishing, mining, manufacturing, energy, tourism and financial services. As of 2019, Kenya had an estimated GDP of $98.264 billion and per capita GDP of $1,991 making it the 65th largest economy in the world.

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References

  1. 1 2 3 4 5 6 Ngigi, George (21 August 2016). "UBA gets Sh1bn from Nigeria parent in push for big loans". Business Daily Africa . Nairobi. Retrieved 22 August 2016.
  2. ↑ Central Bank of Kenya (20 December 2013). "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Nairobi: Central Bank of Kenya . Retrieved 22 August 2016.
  3. ↑ Administrator (8 August 2016). "UBA: In a league of its own". Lagos: National Daily Newspaper. Retrieved 22 August 2016.
  4. ↑ Ilesanmi, Funmi (19 October 2009). "UBA Begins Operations in Kenya". Lagos: Nigeria CommunicationsWeek . Retrieved 22 August 2016.
  5. ↑ Juma, Victor (25 January 2011). "High operation costs weigh down UBA Kenya earnings". Business Daily Africa . Nairobi. Retrieved 22 August 2016.
  6. ↑ Herbling, David (13 April 2014). "West African banks struggle in Kenyan market". Business Daily Africa . Nairobi. Retrieved 22 August 2016.
  7. ↑ Chao, Sandra (20 March 2014). "UBA launches Sh50 mobile savings plan". Business Daily Africa . Nairobi. Retrieved 22 August 2016.
  8. ↑ UBA Group (22 August 2016). "About UBA Kenya". Lagos: United Bank for Africa . Retrieved 22 August 2016.

Coordinates: 01°15′34″S36°48′16″E / 1.25944°S 36.80444°E / -1.25944; 36.80444

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