| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1992 (1992) |
| Defunct | February 12, 2017 (2017-02-12) |
| Fate | Acquired by I&M Holdings |
| Headquarters | Nairobi, Kenya |
| Key people | C. J. Gidoomal Chairman Sanjay Gidoomal Executive Director |
| Products | Banking |
| Website | www |
Giro Commercial Bank, whose full name was Giro Commercial Bank Limited, was a commercial bank in Kenya it was acquired and absorbed by I&M Holdings in 2017. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator.
As of December 2013, the total asset base of Giro Commercial Bank was valued at approximately KSh.13.623 billion/= (US$157.67 million), with shareholders' equity of approximately KSh.2.086 billion/= (US$24.15 million). Then, the bank held KSh.11.457 billion (US$132.6 million), in customer deposits. At that time, the bank was ranked number 29 out of 43 licensed banks in Kenya.
History
The bank was established as Giro Bank Limited in 1992. In 1998, Giro Bank merged with Commercial Bank Limited, to form Giro Commercial Bank Limited. The stock of the bank is privately owned by individuals and institutions.
On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank. The acquisition was finalized in March 2017 and the operations of Giro Commercial Bank were merged to that of I&M Bank Kenya.
Branch network
As of August 2014, the bank operated a network of branches at the following locations:
- Head Office - Giro House, Eldama Park, Nairobi
- Banda Street Branch - Hughes Building, Banda Street, Nairobi
- Industrial Area Branch - Dunga Road, Industrial Area, Nairobi
- Kisumu Branch - Giro House, Oginga Odinga Road, Kisumu
- Mombasa Branch - Pan Africa House, Moi Avenue, Mombasa
- Parklands Branch - 3rd Parklands Avenue, Ridge Court, Parklands, Nairobi
- Westlands Branch - Bandari Plaza, Woodvale Grove, Westlands, Nairobi.
See also
References
- ^ "Successful acquisition: Former Giro Commercial Bank branches now sporting I&M Bank branding". 13 March 2017. Archived from the original on 2017-03-28. Retrieved 27 March 2017.
- "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 8 August 2014.
- "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Central Bank of Kenya. Retrieved 8 August 2014.
- "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 9 August 2014.
- "Mergers And Acquisitions Among Kenyan Commercial Banks From 1989 Until 2010". Central Bank of Kenya. Archived from the original on 18 July 2014. Retrieved 8 August 2014.
- "The History of Giro Commercial Bank". Giro Commercial Bank. Retrieved 9 August 2014.
- Mwaniki, Charles (2015-09-07). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nation Media Group. Retrieved 2015-09-07.
- "The Branches of Giro Commercial Bank Limited". Giro Commercial Bank Limited. Retrieved 9 August 2014.
External links
- Website of Central Bank of Kenya
- CBK Case Against Giro Bank Set for September 2011
- SBI To Acquire Giro Commercial Bank, Indo Monex
