Fina Bank Group
Encyclopedia
Fina Bank Group, is a financial services organization in East Africa
. The Group's headquarters are located in Nairobi
, Kenya
, with subsidiaries in Kenya
, Rwanda
and Uganda
.
, following the acquisition of a banking license from the Central Bank of Kenya
, the country's banking regulator. The bank opened its doors as a fully fledged commercial bank in 1996.
In 2004, Fina Bank acquired BACAR, a privately owned bank, that had been seized due to managerial reasons, by the National Bank of Rwanda
, Rwanda's banking regulator. In 2005, the bank changed its business strategy and relaunches Fina Bank as a banking institution that focuses on serving Small and Medium-sized Enterprises (SMEs). Between 2005 and 2008, the bank re-organized its operations in Rwanda and continued branch expansion in Kenya
. In 2008, Fina Bank re-launched its operations in Rwanda and opened up business in Uganda
with two brand new Branches.
, focusing on meeting the banking needs of SME businesses. , the total group assets were estimated at US$241 million, with shareholders' equity valued at approximately US$23.8 million. The group operates about 25 bank branches in the region (13 in Kenya
, 6 in Rwanda
and 6 in Uganda
).
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
. The Group's headquarters are located in Nairobi
Nairobi
Nairobi 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...
, 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...
, with subsidiaries 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...
, Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
and 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...
.
History
The institution began operations as a non-banking financial institution, in 1986. In 1991, it was acquired by its present shareholders. In 1995, Fina converted into a commercial bankCommercial 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...
, following the acquisition of a banking license 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 country's banking regulator. The bank opened its doors as a fully fledged commercial bank in 1996.
In 2004, Fina Bank acquired BACAR, a privately owned bank, that had been seized due to managerial reasons, by the National Bank of Rwanda
National Bank of Rwanda
The National Bank of Rwanda is the central bank of Rwanda. The bank was founded in 1964 and is quartered in Kigali; it operates Rwanda's principal securities exchange, the Rwanda Over The Counter Exchange.-History:...
, Rwanda's banking regulator. In 2005, the bank changed its business strategy and relaunches Fina Bank as a banking institution that focuses on serving Small and Medium-sized Enterprises (SMEs). Between 2005 and 2008, the bank re-organized its operations in Rwanda and continued branch expansion 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...
. In 2008, Fina Bank re-launched its operations in Rwanda and opened up business 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...
with two brand new Branches.
Overview
Fina Bank Group is a medium-sized financial services provider in East AfricaEast Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
, focusing on meeting the banking needs of SME businesses. , the total group assets were estimated at US$241 million, with shareholders' equity valued at approximately US$23.8 million. The group operates about 25 bank branches in the region (13 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...
, 6 in Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
and 6 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...
).
Member companies
The companies that comprise the Fina Bank Group include the following:- Fina Bank (Kenya)Fina Bank (Kenya)-Overview:As of September 2010, the bank is a small, fast-growing banking institution, providing commercial banking services to individuals but its emphasis is to serve small and medium-sized corporate clients . The bank is the flagship institution of the Fina Bank Group, which includes Fina Bank ...
- 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...
, Kenya - Fina Bank (Rwanda)Fina Bank (Rwanda)Fina Bank , is a commercial bank in Rwanda. The bank is one of the ten licensed commercial banks in the Republic of Rwanda.-History:...
- KigaliKigaliKigali, population 965,398 , is the capital and largest city of Rwanda. It is situated near the geographic centre of the nation, and has been the economic, cultural, and transport hub of Rwanda since it became capital at independence in 1962. The main residence and offices of the President of...
, Rwanda - Fina Bank (Uganda)Fina Bank (Uganda)-Overview:As of February 2009, the bank is a small, fast-growing banking institution, providing commercial banking services to individuals and small to medium sized corporate clients. The bank is a member of the Fina Bank Group, which includes Fina Bank and Fina 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...
, Uganda
External links
See also
- Fina Bank (Kenya)Fina Bank (Kenya)-Overview:As of September 2010, the bank is a small, fast-growing banking institution, providing commercial banking services to individuals but its emphasis is to serve small and medium-sized corporate clients . The bank is the flagship institution of the Fina Bank Group, which includes Fina Bank ...
- Fina Bank (Rwanda)Fina Bank (Rwanda)Fina Bank , is a commercial bank in Rwanda. The bank is one of the ten licensed commercial banks in the Republic of Rwanda.-History:...
- Fina Bank (Uganda)Fina Bank (Uganda)-Overview:As of February 2009, the bank is a small, fast-growing banking institution, providing commercial banking services to individuals and small to medium sized corporate clients. The bank is a member of the Fina Bank Group, which includes Fina Bank and Fina Bank ...
- 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...