Credit Bank Limited (CBL), commonly referred to as Credit Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]
Overview
The bank is a medium-sized commercial bank in Kenya, East Africa's largest economy. Prior to 2010, the bank's focus was large corporations and upscale business-people. In September 2010, Credit Bank changed strategy and transformed into a retail bank, serving all segments of society and their businesses. As of December 2018[update], the bank's total assets were valued at approximately US$178.28 million (KES:17.805 billion), with shareholders' equity valued at US$28.67 million (KES:2.86 billion).[1]
History
The bank was founded in 1986, as a non-bank financial institution (NBFI); Credit Kenya Limited. In 1995, the institution was awarded a commercial banking license and it rebranded to Credit Bank Limited.[3]
Ownership
As at January 2016, the shares of stock of Credit Bank are privately owned by corporate and individual investors.[4] In January 2016, Fountain Enterprises Programme Group (FEP) announced plans to acquire a controlling 75 per cent stake in Credit Bank for KSh4 billion (approx. US$40 million), pending approval of the Central Bank of Kenya.[5] As of June 2019, the major shareholders in the bank's stock were as depicted in the table below:[6]
Credit Bank Limited Stock Ownership
| Rank |
Name of Owner |
Percentage Ownership
|
| 1 |
Nyachae’s Sansora Group |
14.96[6]
|
| 2 |
Sanama Investment |
14.34[6]
|
| 2 |
Ketan Morjaria |
9.88[6]
|
| 3 |
Jay Karia |
8.61[6]
|
| 4 |
Fountain Enterprises Programme Group (FEP)[7] |
5.00
|
| 5 |
Others |
47.21
|
|
Total |
100.00
|
Branches
The bank maintains networked branches at the following locations:[8]
- Main Branch - Mercantile House, Koinange Street, Nairobi
- Westland Branch - Empress Plaza, Ring Road, Westlands, Nairobi
- Industrial Area Branch - 53 Butere Road, Industrial Area, Nairobi
- Lavington Branch - Lavington Mall, James Gichuru Road, Lavington, Nairobi
- Kisumu Branch - Swan Centre, Oginga Odinga Road, Kisumu
- Kitengela Branch - 2nd Floor, Safari House, Namanga Road, Kitengela
- Nakuru Branch I - Giddo Plaza, Eldoret-Nakuru Highway, Nakuru
- Nakuru Branch II - Polo Centre, Kenyatta Avenue, Nakuru
- Kisii Branch - Hospital Road, Kisii
- Eldoret Branch - Zion Mall, Uganda Road, Eldoret
- Ongata Rongai Branch - Maasai Mall, Magadi Road, Ongata Rongai
- Machakos Branch - Mbolu-Malu Road, Machakos
- Thika Branch - Second Floor, Biashara Plaza, Maama Ngina Street, Thika
- Nyali Branch - Nyali Centre, Link Road, Nyali
- New Nairobi Branch - Nairobi[7]
- Meru Branch - Meru[7]
- Eldoret Branch - Kerio Valley Development Authority Building, Oloo Street, Eldoret[9]
Aftertax:US$2.56 million (KES:256 million) (2018)[1]
