Middle East Bank Kenya
Encyclopedia
Middle East Bank Kenya , whose full name is Middle East Bank Kenya Limited, is a commercial bank
in Kenya
. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya
.
in August 1981, after receiving a banking licence from the Central Bank of Kenya
, the national banking regulator. The initial shareholders in the bank were the Al-Futtaim Group
, affiliated with the Middle East Bank Group of United Arab Emirates
. In 1991, the Al-Futtaim Group divested from the bank, leaving shareholding in Kenyan hands. In 1995, Banque Belgolaise SA, a Belgian
financial institution acquired 25% shareholding in Middle East Bank Kenya, becoming the single largest shareholder. As a result of multiple bank mergers and acquisitions, that 25% shareholding subsequently came to be owned by BNP Paribas Fortis
. 75% shareholding remains in private Kenyan hands.
of Meddle East Bank Kenya are privately held. The largest single shareholder, with 25% shareholding, is BNP Paribas Fortis
, a Belgian
financial services provider that is a subsidiary
of BNP Paribas
, a French
banking conglomerate that is the largest banking group in the world. Shareholding in Meddle East Bank is depicted in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Middle East Bank Kenya Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||BNP Paribas Fortis
of Belgium
|| 25.00
|-
|2||Institutional and Individual Kenya
n Investors||75.00
|-
| ||Total||100.00
|-
|}
, Kenya's capital and largest city. It has two branches; one in Nairobi and another in Mombasa
, Kenya's second-largest city.
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) banks licensed by 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...
.
Overview
The bank is a small but growing retail bank, that focuses on meeting the needs of large corporations and high net-worth individuals. , the bank was ranked number thirty-nine (39), by assets, out of a total of forty-four (44) commercial banks in Kenya. In March 2010, the total asset valuation of the bank was about US$43 million (KES:3.6 billion), with shareholders' equity of approximately US$11 million (KES:0.93 billion).History
Middle East Bank Kenya started operations 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...
in August 1981, after receiving 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 national banking regulator. The initial shareholders in the bank were the Al-Futtaim Group
Al-Futtaim Group
The Al-Futtaim Group is a large conglomerate operating in the United Arab Emirates.-History:The group was founded in the 1930s and expanded rapidly in the 1940s and 1950s becoming an integrated commercial, industrial and services organisation....
, affiliated with the Middle East Bank Group of United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
. In 1991, the Al-Futtaim Group divested from the bank, leaving shareholding in Kenyan hands. In 1995, Banque Belgolaise SA, a Belgian
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
financial institution acquired 25% shareholding in Middle East Bank Kenya, becoming the single largest shareholder. As a result of multiple bank mergers and acquisitions, that 25% shareholding subsequently came to be owned by BNP Paribas Fortis
BNP Paribas Fortis
BNP Paribas Fortis is the commercial name of Fortis Bank S.A./N.V., an international bank with its focus in Belgium since the purchase of 75% of the shares of the bank by BNP Paribas. It was formerly, together with Fortis Bank Nederland, the banking arm of Fortis...
. 75% shareholding remains in private Kenyan hands.
Ownership
The shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Meddle East Bank Kenya are privately held. The largest single shareholder, with 25% shareholding, is BNP Paribas Fortis
BNP Paribas Fortis
BNP Paribas Fortis is the commercial name of Fortis Bank S.A./N.V., an international bank with its focus in Belgium since the purchase of 75% of the shares of the bank by BNP Paribas. It was formerly, together with Fortis Bank Nederland, the banking arm of Fortis...
, a Belgian
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
financial services provider that is a subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of BNP Paribas
BNP Paribas
BNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...
, a French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
banking conglomerate that is the largest banking group in the world. Shareholding in Meddle East Bank is depicted in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Middle East Bank Kenya Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||BNP Paribas Fortis
BNP Paribas Fortis
BNP Paribas Fortis is the commercial name of Fortis Bank S.A./N.V., an international bank with its focus in Belgium since the purchase of 75% of the shares of the bank by BNP Paribas. It was formerly, together with Fortis Bank Nederland, the banking arm of Fortis...
of Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
|| 25.00
|-
|2||Institutional and Individual 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...
n Investors||75.00
|-
| ||Total||100.00
|-
|}
Branch network
, the bank maintains its headquarters in NairobiNairobi
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's capital and largest city. It has two branches; one in Nairobi and another in Mombasa
Mombasa
Mombasa 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....
, Kenya's second-largest city.
- Main Branch - Mebank Tower, Milimani Road, 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...
- Mombasa Branch - Nyerere Avenue, 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....