ABC Bank (Kenya)
Encyclopedia
ABC Bank, whose full name is African Banking Corporation Limited, is a commercial bank
in Kenya
. It is one of the forty-four (44) licensed commercial banks in the country.
.
called Consolidated Finance Company. In 1995, after obtaining a banking licence from the Central Bank of Kenya
, the institution began commercial banking operations and changed its name to African Banking Corporation Limited, commonly referred to as ABC Bank (Kenya). As of February 2009, the bank offers a variety of banking services including Internet banking and mobile (wireless) banking.
. Full commercial banking operations in Uganda
, commenced in 2010.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. It is one of the forty-four (44) licensed commercial banks in the country.
Overview
The bank provides banking services to large corporations, medium-sized businesses, small business enterprises as well as individuals. , the bank's assets were valued at approximately US$123.2 million (KES:10.35 billion), with shareholders' equity of approximately US$20.3 million (KES:1.705 billion). At that time, the bank was ranked number twenty-three (23), by assets, out of forty-four (44) commercial banks in KenyaKenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
.
Subsidiaries
ABC Bank (Kenya) owns the following subsidiaries, either in whole or in part:- ABC Capital Bank, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, UgandaUgandaUganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
(Commercial Bank) - 40% shareholding - ABC Capital Limited, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
(Stock brokerage) - 100% shareholding - ABC Insurance Limited, Nairobi, Kenya (Insurance brokerage) - 100% shareholding
History
ABC Bank (Kenya) started operations in 1984, as a non-bank financial institutionNon-bank financial institution
A non-bank financial institution is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFIs facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market...
called Consolidated Finance Company. In 1995, after obtaining a banking licence from the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the institution began commercial banking operations and changed its name to African Banking Corporation Limited, commonly referred to as ABC Bank (Kenya). As of February 2009, the bank offers a variety of banking services including Internet banking and mobile (wireless) banking.
Ownership
The exact percentage ownership of ABC Bank (Kenya) is not publicly known. In 2008, ABC Bank (Kenya) began negotiations to acquire Capital Finance Corporation Limited, a Tier III Ugandan Financial Institution. A banking license was awarded in 2009 by the Bank of UgandaBank of Uganda
The Bank of Uganda is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.-Organization and Governance:...
. Full commercial banking operations in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
, commenced in 2010.
Branch network
As of October 2009, ABC Bank (Kenya) maintains the following branches:- Koinange Street Branch - Koinange Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
Main Branch - Westlands Branch - WestlandsWestlandsWestlands is a neighborhood in the city of Nairobi, the capital and largest city in Kenya.-Location:Westlands is located , by road, northwest of the central business district of Nairobi...
, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is... - Dar-es-Salaam Road Branch - Dar-es-Salaam Road, Nairobi
- Libra Branch - Mombasa Road, Nairobi
- Mombasa Branch - MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
- Kisumu Branch - Oginga Odinga Road, KisumuKisumuKisumu is a port city in western Kenya at , with a population of 355,024 . It is the third largest city in Kenya, the principal city of western Kenya, the immediate former capital of Nyanza Province and the headquarters of Kisumu County. It has a municipal charter but no city charter...
- Meru Branch - Moi Avenue, MeruMeru, Kenya-Transport:The City of Meru is linked to Nairobi by a paved road, whether from the south around the east side of Mount Kenya, via Embu, or from the northwest around the west and north side of Mount Kenya, via Nanyuki and Timau....
- Eldoret Branch - Oginga Odinga Road, EldoretEldoretEldoret is a town in western Kenya and the administrative centre of Uasin Gishu District of Rift Valley Province. Lying south of the Cherangani Hills, the local elevation varies from about 2100 metres above sea level at the airport to more than 2700 metres in nearby areas...
- Nakuru Branch - Saifee House, NakuruNakuruNakuru, the provincial capital of Kenya's Rift Valley province, with roughly 300,000 inhabitants, and currently the fourth largest urban centre in the country, lies about 1850 m above sea level...
External links
- Website of ABC Bank (Kenya)
- Website of Central Bank of Kenya
- 2009 & 2010 Audited Financial Statements
See also
- ABC Bank (Uganda)ABC Bank (Uganda)ABC Bank , whose full name is ABC Capital Bank, is a commercial bank in Uganda. The bank provides banking services to large corporations, medium-sized businesses, small business enterprises as well as individuals...
- List of banks in Kenya
- Central Bank of KenyaCentral Bank of KenyaThe Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
- Economy of KenyaEconomy of KenyaKenya's economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services...