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{{Infobox Company
{{Infobox company
| name = KCB Group plc
| company_name = Kenya Commercial Bank Group
| company_logo =
| logo =
| company_type = [[Public company|Public]]<br>[[Nairobi Stock Exchange|NSE]] :[[KCB]]
| type = [[Public company|Public]]
| traded_as = {{KN|KCB}}
| foundation = 1896
| foundation = {{Start date and years ago|1896|7}}
| location = Kencom House, Moi Avenue, [[Nairobi]], [[Kenya]] {{flagicon|Kenya}}
| location = Kencom House, Moi Avenue<br />[[Nairobi]], [[Kenya]]
| key_people = Martin Oduor-Otieno, [[Chief Executive Officer]]
| key_people = '''Andrew Wambari Kairu'''<br/>[[Chairman]]<ref name="1R">{{cite web|title=KCB appoints new board chairman | url=https://www.businessdailyafrica.com/corporate/companies/KCB-appoints-new-board-chairman/4003102-4822778-20k05y/index.html | newspaper=[[Business Daily Africa]] |access-date=26 October 2018 |date=25 October 2018 |first=Patrick |last=Alushula |
| industry = [[Banking]]
location=Nairobi}}</ref><br/>'''[[Paul Russo (banker)|Paul Russo]]'''<br/>[[Chief Executive Officer]]
| products = [[Bank]]s, [[mortgages]] [[investments]]
| industry = Banking
| revenue = {{profit}}Pretax US$75.6 million (2008)
| products = [[Credit card]]s, loans, [[mortgages]], investments
| assets = US$2.49 billion+ (2008)<ref>[http://www.kcbbankgroup.com/ke/index.php?option=com_content&task=view&id=580&Itemid=264 KCB Asset Base Exceeds US$2.49 Billion]</ref>
| revenue = {{Increase}} US$504.75 million (KES:73.1 billion) (H1 2023)<ref name="2R"/>
| num_employees =
| assets = {{Increase}} US$12.84 billion (KES:1.86 trillion) (H1 2023)<ref name="2R">{{cite web|work=KCB Group |date=23 August 2023 |url=https://ke.kcbgroup.com/about-us/news-room/business/kcb-group-total-assets-rise-by-54-to-kshs-1-86-trillion-in-h1-2023,-net-profit-closes-at-kshs-16-1-billion | title=KCB Group Total Assets Rise by 54% to KShs. 1.86 Trillion in H1 2023, Net Profit Closes at KShs. 16.1 Billion |author=KCB Group |access-date=22 February 2024 |location=Nairobi, Kenya}}</ref>
| homepage = http://www.kcbbankgroup.com
| num_employees = 6,483 (2017)
| net_income = {{Increase}}Profit (After-tax) US$111.17 million (KES:16.1 billion) (H1 2023)<ref name="2R"/>
| homepage = {{URL|https://kcbgroup.com}}
}}
}}
'''KCB Group Limited''', also known as the '''KCB Group''', is a financial services [[Bank holding company|holding company]] based in the [[African Great Lakes]] region. The Group's headquarters are in [[Nairobi, Kenya]], with its subsidiaries being [[KCB Bank Kenya Limited]], [[KCB Bank Burundi Limited]], [[KCB Bank Rwanda Limited]], [[KCB Bank South Sudan Limited]], [[KCB Bank Tanzania Limited]], [[Trust Merchant Bank|KCB TMB Congo]] and [[KCB Bank Uganda Limited]].<ref name="Profile2">{{cite web|url=http://kenyanwallstreet.com/kenya-commercial-bank-analysis |title=Kenya Commercial Bank Group Analysis |
work=Kenyanwallstreet.com |date=22 December 2015 |author=Kenyan Wall Street |access-date=20 April 2016 |location=Nairobi}}</ref>


== Overview ==
'''Kenya Commercial Bank Group''', also known as '''KCB Group''', is a financial services organization in [[East Africa]]. The Group's headquarters are located in [[Nairobi]], [[Kenya]], with subsidiaries in [[Kenya Commercial Bank|Kenya]], [[Burundi]], [[Rwanda]], [[Southern Sudan]], [[Tanzania]] and [[Uganda]].
As of June 2023, the Group had assets of US$12.84 billion (KSh:1.86 trillion) with shareholders' equity of US$1.5 billion (KSh:US$218 billion).<ref name="2R"/> In July 2015, news media reported that the group was pursuing expansion plans into the [[Democratic Republic of the Congo]], [[Ethiopia]], and [[Mozambique]].<ref>{{cite web| work=Bloomberg News |date=30 July 2015 |access-date=21 April 2016 | url=https://www.bloomberg.com/news/articles/2015-07-30/kenya-commercial-bank-plans-to-raise-capital-to-expand-in-region | title=Kenya Commercial Bank to Raise Money for Expansion, Projects | author=Eric Ombok and Felix Njini}}</ref>


==Overview==
== History ==
The history of Kenya Commercial Bank Limited dates back to July 1896, when its predecessor, the [[ANZ Grindlays Bank#National Bank of India|National Bank of India]] (NBI), opened a branch in Mombasa to handle the business that the port was attracting at that time.
KCB Group is the largest financial services organization in East Africa, with an estimated asset base in excess of US$2.49 billion, as of October 2009. KCB Group has the widest network of banking outlets comprising of over 200 branches and over 390 ATM machines in Kenya, Rwanda, Southern Sudan, Tanzania and Uganda. <ref>[http://www.kcbbankgroup.com/ke/index.php Profile of KCB Group]</ref>

In 1958, [[ANZ Grindlays Bank#Grindlays|Grindlays Bank]] merged with the NBI to form the [[ANZ Grindlays Bank#National and Grindlays|National and Grindlays Bank]] (NGB). Upon independence, the government of Kenya acquired 60 percent shareholding in NGB in an effort to bring banking closer to the majority of Kenyans. In 1970, the government acquired 100 percent of the shareholding in NGB to take full control of the largest commercial bank in Kenya. NGB was then renamed Kenya Commercial Bank (KCB). In 1972, KCB acquired Savings & Loan Kenya Limited, which specialized in mortgage finance.

In 1988, the first 20 percent of the government's shares in the company were sold through an [[Initial public offering]] on the Nairobi Securities exchange. The government has over the years reduced its shareholding to 23.6 percent. In the rights issue of 2010, the government further reduced its shareholding to 17.31 percent.

KCB Tanzania Limited was incorporated in Dar es Salaam in 1997. Since then, KCB has opened 11 more branches in Tanzania. In May 2006, KCB extended its operations to South Sudan following licensing of KCB Sudan. This subsidiary now has over 20 branches in that country. In November 2007, KCB Bank Uganda Limited was opened. KCB currently has 14 branches in Uganda. In December 2008, KCB Rwanda began operations with one branch at Kigali. There are currently 11 branches spread out in the country. In 2012, KCB registered a subsidiary in Burundi, KCB Burundi, becoming the first bank in the region to be presented in all the African Great Lakes countries.

Before 2015, KCB was both a licensed bank and a holding company for its subsidiaries. In compliance with the Kenya Finance Act No. 57 of 2012, KCB Group announced in April 2015 its intention to incorporate a new, wholly owned subsidiary, KCB Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets, and liabilities. The re-organisation converted KCB Group into a non-trading holding company that owns both banking and non-banking subsidiary companies.<ref name="5R2">{{cite web|url=https://www.capitalfm.co.ke/business/2016/01/kcb-forms-holding-company-unbundles-operating-entities/|title=KCB forms holding company, unbundles operating entities|last=Wahito|first=Margaret|date=4 January 2016|publisher=[[98.4 Capital FM]]|location=Nairobi|access-date=26 October 2018}}</ref>

== Ownership ==
The shares of KCB Group are listed on the [[Nairobi Securities Exchange]] under the symbol '''KCB'''. The Group's stock is [[Cross listing|cross listed]] on the [[Dar es Salaam Stock Exchange]], the [[Rwanda Stock Exchange]], and the [[Uganda Securities Exchange]].<ref name="allafrica.com">{{Cite news|url=http://allafrica.com/stories/200806160606.html|title=Tanzania: KCB is Now Listed At the Dar Bourse|last=Afandi|first=Christine|date=2008-06-16|work=The East African (Nairobi)|access-date=2017-08-23}}</ref>

As of 31 December 2023, the ten largest shareholders in the KCB Group were as listed below:<ref>{{Cite web |date=31 December 2023 |title=KCB Group 2023 Integrated Report and Financial Statements |url=https://kcbgroup.com/wp-content/uploads/2024/05/kcb-group-plc-2023-integrated-report-and-financial-statements.pdf |access-date=20 September 2024}}</ref>

{| class="wikitable sortable" style="margin: 0.5em auto"
|+ KCB Group Limited Stock Ownership
! Rank !!Name of Owner!!Percentage Ownership
|-
| 1 || [[Government of Kenya|Permanent Secretary to the Treasury of Kenya]] || 19.76
|-
| 2 || [[National Social Security Fund (Kenya)]] || 9.73
|-
|11 || Other Shareholders via the NSE, DSE, USE and RSE || 70.51
|-
| || '''Total''' || '''100.00'''
|-
|}

== Governance ==
The chairman of the bank's board of directors is Andrew Wambari Kairu.<ref name="1R"/> [[Paul_Russo_(banker)|Paul Russo]] is both the managing director and the chief executive officer of the banking group.<ref>{{cite web| work=[[Business Daily Africa]] | url=https://www.businessdailyafrica.com/bd/corporate/companies/kcb-to-announce-new-ceo-this-week-3825774 |title=KCB picks insider Paul Russo as new CEO |date=24 May 2022 |author=Adonijah Ndege |access-date=25 May 2022 |location=Nairobi, Kenya}}</ref>


==Member companies==
==Member companies==
* [[KCB Bank Kenya Limited]] – [[Nairobi]], [[Kenya]] {{flagicon|Kenya}}
The companies that comprise the [[KCB Group]] include but are not limited to the following:
* [[National Bank of Kenya]] – Nairobi, Kenya {{flagicon|Kenya}}
<ref>[http://www.google.com/finance?q=NBO:KCBK Member Companies of KCB Group]</ref>
* [[BPR Bank Rwanda Plc]] – [[Kigali]], [[Rwanda]] {{flagicon|Rwanda}}
* [[KCB Bank South Sudan Limited]] – [[Juba, Sudan|Juba]], [[South Sudan]] {{flagicon|South Sudan}}
* [[KCB Bank Tanzania Limited]] – [[Dar es Salaam]], [[Tanzania]] {{flagicon|Tanzania}}
* [[KCB Bank Uganda Limited]] – [[Kampala]], [[Uganda]] {{flagicon|Uganda}}
*[[KCB Bank Burundi Limited]] – [[Bujumbura]], [[Burundi]] {{flagicon|Burundi}}
* [[Trust Merchant Bank]] - [[Lubumbashi]], [[Democratic Republic of the Congo]] {{flagicon|DR Congo}}
* KCB Foundation Limited – Nairobi, Kenya {{flagicon|Kenya}}
* KCB Sports Sponsorship Limited – Nairobi, Kenya {{flagicon|Kenya}}
* Savings & Loan Kenya Limited – Nairobi, Kenya {{flagicon|Kenya}}


==Branches of subsidiaries==
* [[Kenya Commercial Bank]] - [[Nairobi]], Kenya
{| class="wikitable"
* [[KCB Burundi]] - [[Bujumbura]], [[Burundi]]
|-
* [[KCB Rwanda]] - [[Kigali]], Rwanda
! KCB Subsidiary
* [[KCB Southern Sudan]] - [[Juba, Sudan|Juba]], Southern Sudan
! No. of Branches
* [[KCB Tanzania]] - [[Dar es Salaam]], Tanzania
|-
* [[KCB Uganda]] - [[Kampala]], Uganda
| KCB Bank Kenya
* [[Savings & Loan Kenya Limited]] - Nairobi, Kenya
| align="center" | 200
* [[KCB Foundation Limited]] - Nairobi, Kenya
|-
* [[KCB Sports Sponsorship Limited]] - Nairobi, Kenya
| KCB Bank South Sudan
| align="center" | 20
|-
| KCB Bank Tanzania
| align="center" | 17
|-
| KCB Bank Uganda
| align="center" | 14
|-
| KCB Bank Rwanda
| align="center" | 11
|-
| KCB Bank Burundi
| align=center | 3
|}


===KCB Bank Burundi===
The stock of KCB Group is traded on the [[Nairobi Stock Exchange]]. The stock is cross listed on the [[Uganda Securities Exchange]], the [[Rwanda Over The Counter Exchange|Rwanda Stock Exchange]] and on the [[Dar es Salaam Stock Exchange]] under the symbol "KCB".<ref>[http://allafrica.com/stories/200806160606.html KCB Listed on All Stock Exchanges in East Africa]</ref>
{{anchor|KCB Bank Burundi Limited}}
Kenya Commercial Bank Burundi Limited is a [[commercial bank]] and subsidiary of KCB group in [[Burundi]], licensed by the [[Bank of the Republic of Burundi]], the national banking regulator.<ref>{{cite web | last=BRB| date=3 September 2020| title=Burundian Financial System: The Commercial Banks| url=https://www.brb.bi/fr/content/syst%C3%A8me-financier-burundais| access-date=3 September 2020| publisher=[[Bank of the Republic of Burundi]] (BRB)| location=Bujumbura| language=fr}}</ref> {{asof|December 2015}} KCB Burundi comprises 0.6 percent of the KCB Group's total assets. It is estimated that the bank's total assets were approximately US$33.6 million (KSh3.34 billion), as of December 2015.<ref>{{cite web | url=http://www.cnbcafrica.com/news/east-africa/2014/11/11/kcb-q3-results/ |title=KCB posts 17% rise in its pretax Q3 results| last=Wangalwa| first=Elayne |date=11 November 2014| access-date=15 April 2016| publisher=[[CNBC|CNBC Africa]]| location=Johannesburg}}</ref><ref>Note: US$1.00 = KSh99.71 on 15 April 2016.</ref>


In February 2012, KCB Group received regulatory approval to establish a subsidiary in Burundi.<ref>{{cite web|access-date=15 April 2016| url=http://www.businessdailyafrica.com/Corporate-News/KCB-gets-regulatory-approval-to-open-outlet-in-Burundi--/-/539550/1355748/-/wia0iw/-/index.html| title= KCB gets regulatory approval to open outlet in Burundi|
==External links==
date=28 February 2012|first=Washington |last=Gikunju |newspaper=[[Business Daily Africa]]|location=Nairobi}}</ref> KCB Burundi commenced provision of banking services on 8 May 2012, having been granted a commercial banking license on 18 April 2012. With its establishment, KCB became the first financial services group to establish subsidiaries in all countries of the [[East African Community]].<ref>{{cite web | access-date=15 April 2016| url=http://www.newtimes.co.rw/section/article/2012-05-09/52619/| title=KCB opens shop in Burundi| date=9 May 2012| last=Xinhua| publisher=[[New Times (Rwanda)]] Quoting [[Xinhua]]}}</ref><ref>{{cite web| url=http://www.ratio-magazine.com/201205084098/Corporate-Press-Releases/-Kenya/Burundi-Press-Releases-KCB-Opens-Burundi-Subsidiary.html | title=Press Releases: KCB Opens Burundi Subsidiary |access-date=15 April 2016| date=8 May 2012|publisher=Ratio Magazine|last=Press Release | location=Nairobi}}</ref><ref>{{cite web | access-date=15 April 2016| date=8 May 2012|
* [http://www.kcbbankgroup.com KCB Group Website]
url=http://www.businessdailyafrica.com/Corporate-News/-/539550/1402018/-/xdsqyu/-/index.html |title=KCB completes EA presence with branch in Bujumbura |newspaper=[[Business Daily Africa]] (BDA)| location=Nairobi| last= BDA Reporter}}</ref>
* [http://www.nse.co.ke/newsite/ Nairobi Stock Exchange Website]

In February 2020, KCB Burundi opened its third branch in the country in [[Gitega]], Burundi's capital. This was after years of stagnation due to political unrest.<ref>{{Cite web | date=4 February 2020| title=KCB Burundi ouvre une agence à Gitega| url=https://burundi-agnews.org/economie/kcb-burundi-ouvre-une-agence-a-gitega/| access-date=3 September 2020}}</ref> {{As of|2020|September}}, KCB Burundi maintained two branches in [[Bujumbura]], and one in [[Gitega]].

===Trust Merchant Bank===
{{main|Trust Merchant Bank}}
In August 2022, KCB Group agreed to acquire 85 percent shareholding in [[Trust Merchant Bank]] at "1.49 times the book value".. At that time, the bank was the third-largest bank by assets in the [[Democratic Republic of the Congo]]. It is estimated that the transaction would cost approximately KSh15 billion/= (US$127 million then). KCB also agreed to acquire the remaining 15 percent ownership in the bank, not later than 2024. The deal requires shareholder and regulatory approvals in Kenya and DRCongo.<ref>{{cite web| work=[[Business Daily Africa]] | url=https://www.businessdailyafrica.com/bd/corporate/companies/kcb-targets-equity-with-sh15bn-drc-bank-acquisition-3900986 | title=KCB targets Equity with Sh15bn DRC bank acquisition |
date=3 August 2022 |author=Otiato Guguyu |access-date=7 August 2022 |location=Nairobi, Kenya}}</ref>

==Kenya Commercial Bank Plaza==
{{main|Kenya Commercial Bank Plaza}}

In December 2010, construction of a new headquarters building began in the [[Upper Hill, Nairobi|Upper Hill]] section of Nairobi. Construction is expected to take approximately two years, with anticipated occupancy beginning in January 2013. The new [[Kenya Commercial Bank Plaza]] (KCB Plaza) be 21 storeys tall, having about {{convert|15960|m2|ft2}} of rentable office space and enough parking for about 450 cars. The owners of the building are the Kenya Commercial Bank Employee Pension Fund, which is funding the KES:2.1 billion construction.<ref>{{Cite news|url=http://www.nation.co.ke/business/news/KCB%20staff%20fund%20to%20put%20up%20Sh2%20bn%20office%20block%20/-/1006/1067516/-/unarq7z/-/index.html|title=KCB staff fund to put up Sh2.1bn office block|work=Daily Nation|access-date=2017-08-22|language=en-UK}}</ref>


==See also==
==See also==
{{Portal|Banks}}
* [[Kenya Commercial Bank]]
*[[Kenya Commercial Bank S.C.]]
* [[Nairobi Stock Exchange]]


==References==
==References==
{{reflist}}
{{reflist}}


==External links==
* {{official|https://www.kcbbankgroup.com}}


{{Authority control}}
{{Bank-stub}}
{{Kenya-stub}}
{{Kenya Commercial Bank}}
{{Banking in Kenya}}
{{Africa-bank-stub}}
{{Africa-company-stub}}


[[Category:KCB Group| ]]
[[Category:Banks of Kenya]]
[[Category:Banks of Kenya]]
[[Category:Companies listed on the Nairobi Stock Exchange]]
[[Category:Companies based in Nairobi]]
[[Category:Companies listed on the Nairobi Securities Exchange]]
[[Category:Companies listed on the Dar es Salaam Stock Exchange]]
[[Category:Companies listed on the Dar es Salaam Stock Exchange]]
[[Category:Companies listed on the Uganda Securities Exchange]]
[[Category:Companies listed on the Uganda Securities Exchange]]
[[Category:Companies listed on the Rwanda Over The Counter Exchange]]
[[Category:Companies listed on the Rwanda Stock Exchange]]
[[Category:1896 establishments in Kenya]]
[[Category:Banks established in 1896]]

Latest revision as of 20:58, 20 September 2024

KCB Group plc
Company typePublic
KN: KCB
IndustryBanking
FoundedJuly 1896; 128 years ago (1896-07)
HeadquartersKencom House, Moi Avenue
Nairobi, Kenya
Key people
Andrew Wambari Kairu
Chairman[1]
Paul Russo
Chief Executive Officer
ProductsCredit cards, loans, mortgages, investments
RevenueIncrease US$504.75 million (KES:73.1 billion) (H1 2023)[2]
IncreaseProfit (After-tax) US$111.17 million (KES:16.1 billion) (H1 2023)[2]
Total assetsIncrease US$12.84 billion (KES:1.86 trillion) (H1 2023)[2]
Number of employees
6,483 (2017)
Websitekcbgroup.com

KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, KCB TMB Congo and KCB Bank Uganda Limited.[3]

Overview

[edit]

As of June 2023, the Group had assets of US$12.84 billion (KSh:1.86 trillion) with shareholders' equity of US$1.5 billion (KSh:US$218 billion).[2] In July 2015, news media reported that the group was pursuing expansion plans into the Democratic Republic of the Congo, Ethiopia, and Mozambique.[4]

History

[edit]

The history of Kenya Commercial Bank Limited dates back to July 1896, when its predecessor, the National Bank of India (NBI), opened a branch in Mombasa to handle the business that the port was attracting at that time.

In 1958, Grindlays Bank merged with the NBI to form the National and Grindlays Bank (NGB). Upon independence, the government of Kenya acquired 60 percent shareholding in NGB in an effort to bring banking closer to the majority of Kenyans. In 1970, the government acquired 100 percent of the shareholding in NGB to take full control of the largest commercial bank in Kenya. NGB was then renamed Kenya Commercial Bank (KCB). In 1972, KCB acquired Savings & Loan Kenya Limited, which specialized in mortgage finance.

In 1988, the first 20 percent of the government's shares in the company were sold through an Initial public offering on the Nairobi Securities exchange. The government has over the years reduced its shareholding to 23.6 percent. In the rights issue of 2010, the government further reduced its shareholding to 17.31 percent.

KCB Tanzania Limited was incorporated in Dar es Salaam in 1997. Since then, KCB has opened 11 more branches in Tanzania. In May 2006, KCB extended its operations to South Sudan following licensing of KCB Sudan. This subsidiary now has over 20 branches in that country. In November 2007, KCB Bank Uganda Limited was opened. KCB currently has 14 branches in Uganda. In December 2008, KCB Rwanda began operations with one branch at Kigali. There are currently 11 branches spread out in the country. In 2012, KCB registered a subsidiary in Burundi, KCB Burundi, becoming the first bank in the region to be presented in all the African Great Lakes countries.

Before 2015, KCB was both a licensed bank and a holding company for its subsidiaries. In compliance with the Kenya Finance Act No. 57 of 2012, KCB Group announced in April 2015 its intention to incorporate a new, wholly owned subsidiary, KCB Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets, and liabilities. The re-organisation converted KCB Group into a non-trading holding company that owns both banking and non-banking subsidiary companies.[5]

Ownership

[edit]

The shares of KCB Group are listed on the Nairobi Securities Exchange under the symbol KCB. The Group's stock is cross listed on the Dar es Salaam Stock Exchange, the Rwanda Stock Exchange, and the Uganda Securities Exchange.[6]

As of 31 December 2023, the ten largest shareholders in the KCB Group were as listed below:[7]

KCB Group Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Permanent Secretary to the Treasury of Kenya 19.76
2 National Social Security Fund (Kenya) 9.73
11 Other Shareholders via the NSE, DSE, USE and RSE 70.51
Total 100.00

Governance

[edit]

The chairman of the bank's board of directors is Andrew Wambari Kairu.[1] Paul Russo is both the managing director and the chief executive officer of the banking group.[8]

Member companies

[edit]

Branches of subsidiaries

[edit]
KCB Subsidiary No. of Branches
KCB Bank Kenya 200
KCB Bank South Sudan 20
KCB Bank Tanzania 17
KCB Bank Uganda 14
KCB Bank Rwanda 11
KCB Bank Burundi 3

KCB Bank Burundi

[edit]

Kenya Commercial Bank Burundi Limited is a commercial bank and subsidiary of KCB group in Burundi, licensed by the Bank of the Republic of Burundi, the national banking regulator.[9] As of December 2015 KCB Burundi comprises 0.6 percent of the KCB Group's total assets. It is estimated that the bank's total assets were approximately US$33.6 million (KSh3.34 billion), as of December 2015.[10][11]

In February 2012, KCB Group received regulatory approval to establish a subsidiary in Burundi.[12] KCB Burundi commenced provision of banking services on 8 May 2012, having been granted a commercial banking license on 18 April 2012. With its establishment, KCB became the first financial services group to establish subsidiaries in all countries of the East African Community.[13][14][15]

In February 2020, KCB Burundi opened its third branch in the country in Gitega, Burundi's capital. This was after years of stagnation due to political unrest.[16] As of September 2020, KCB Burundi maintained two branches in Bujumbura, and one in Gitega.

Trust Merchant Bank

[edit]
Main article: Trust Merchant Bank

In August 2022, KCB Group agreed to acquire 85 percent shareholding in Trust Merchant Bank at "1.49 times the book value".. At that time, the bank was the third-largest bank by assets in the Democratic Republic of the Congo. It is estimated that the transaction would cost approximately KSh15 billion/= (US$127 million then). KCB also agreed to acquire the remaining 15 percent ownership in the bank, not later than 2024. The deal requires shareholder and regulatory approvals in Kenya and DRCongo.[17]

Kenya Commercial Bank Plaza

[edit]
Main article: Kenya Commercial Bank Plaza

In December 2010, construction of a new headquarters building began in the Upper Hill section of Nairobi. Construction is expected to take approximately two years, with anticipated occupancy beginning in January 2013. The new Kenya Commercial Bank Plaza (KCB Plaza) be 21 storeys tall, having about 15,960 square metres (171,800 sq ft) of rentable office space and enough parking for about 450 cars. The owners of the building are the Kenya Commercial Bank Employee Pension Fund, which is funding the KES:2.1 billion construction.[18]

See also

[edit]

References

[edit]
  1. ^ a b Alushula, Patrick (25 October 2018). "KCB appoints new board chairman". Business Daily Africa. Nairobi. Retrieved 26 October 2018.
  2. ^ a b c d KCB Group (23 August 2023). "KCB Group Total Assets Rise by 54% to KShs. 1.86 Trillion in H1 2023, Net Profit Closes at KShs. 16.1 Billion". KCB Group. Nairobi, Kenya. Retrieved 22 February 2024.
  3. ^ Kenyan Wall Street (22 December 2015). "Kenya Commercial Bank Group Analysis". Kenyanwallstreet.com. Nairobi. Retrieved 20 April 2016.
  4. ^ Eric Ombok and Felix Njini (30 July 2015). "Kenya Commercial Bank to Raise Money for Expansion, Projects". Bloomberg News. Retrieved 21 April 2016.
  5. ^ Wahito, Margaret (4 January 2016). "KCB forms holding company, unbundles operating entities". Nairobi: 98.4 Capital FM. Retrieved 26 October 2018.
  6. ^ Afandi, Christine (2008-06-16). "Tanzania: KCB is Now Listed At the Dar Bourse". The East African (Nairobi). Retrieved 2017-08-23.
  7. ^ "KCB Group 2023 Integrated Report and Financial Statements" (PDF). 31 December 2023. Retrieved 20 September 2024.
  8. ^ Adonijah Ndege (24 May 2022). "KCB picks insider Paul Russo as new CEO". Business Daily Africa. Nairobi, Kenya. Retrieved 25 May 2022.
  9. ^ BRB (3 September 2020). "Burundian Financial System: The Commercial Banks" (in French). Bujumbura: Bank of the Republic of Burundi (BRB). Retrieved 3 September 2020.
  10. ^ Wangalwa, Elayne (11 November 2014). "KCB posts 17% rise in its pretax Q3 results". Johannesburg: CNBC Africa. Retrieved 15 April 2016.
  11. ^ Note: US$1.00 = KSh99.71 on 15 April 2016.
  12. ^ Gikunju, Washington (28 February 2012). "KCB gets regulatory approval to open outlet in Burundi". Business Daily Africa. Nairobi. Retrieved 15 April 2016.
  13. ^ Xinhua (9 May 2012). "KCB opens shop in Burundi". New Times (Rwanda) Quoting Xinhua. Retrieved 15 April 2016.
  14. ^ Press Release (8 May 2012). "Press Releases: KCB Opens Burundi Subsidiary". Nairobi: Ratio Magazine. Retrieved 15 April 2016.
  15. ^ BDA Reporter (8 May 2012). "KCB completes EA presence with branch in Bujumbura". Business Daily Africa (BDA). Nairobi. Retrieved 15 April 2016.
  16. ^ "KCB Burundi ouvre une agence à Gitega". 4 February 2020. Retrieved 3 September 2020.
  17. ^ Otiato Guguyu (3 August 2022). "KCB targets Equity with Sh15bn DRC bank acquisition". Business Daily Africa. Nairobi, Kenya. Retrieved 7 August 2022.
  18. ^ "KCB staff fund to put up Sh2.1bn office block". Daily Nation. Retrieved 2017-08-22.
[edit]


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