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Kingdom Bank Limited (Kenya)

Company type	Subsidiary of Cooperative Bank of Kenya
Industry	Financial services
Founded	22 November 1999; 25 years ago (1999-11-22)
Headquarters	Nairobi, Kenya
Key people	Margaret Karangatha Chairperson Anthony Mburu Chief Executive Office
Products	Loans, Transaction accounts, Savings, Investments, Debit Cards
Total assets	KES:12.5 billion (US$117 million) (March 2018)
Website	https://www.kingdombankltd.co.ke/

Kingdom Bank Limited (Kenya), formerly Jamii Bora Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.

Location

The headquarters of the bank are located at Kingdom Towers (formerly Jamii Bora Towers), along Argwings Kodhek Road, in Kilimani, Nairobi, approximately 6 kilometres (4 mi), by road, west of the city centre. The geographical coordinates of the bank's headquarters are:01°17'35.0"S, 36°47'23.0"E (Latitude:-1.293056; Longitude:36.789722).

History

The bank was founded, as a Charitable Trust, by fifty destitute families on the streets of Nairobi, Kenya's capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank. In March 2010, Jamii Bora merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high-net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.

In March 2020, Co-operative Bank of Kenya, the country's fourth-largest commercial bank, with nearly 10 percent market share of national banking assets, proposed the acquisition of Jamii Bora Bank.

Assets

In March 2018, the bank's total assets were valued at approximately KSh12.5 billion (US$117 million).

Ownership

Jamii Bora Bank is privately owned. A rights issue of US$4 to 6 million was successfully executed in the 4th quarter of 2010. In November 2011, a new consortium known as Asterisk Holdings, invested KES:410 million (approx:US$4.6 million) in Jamii Bora Bank. Following the acquisition of 90 percent shareholding in the stock of the bank by Cooperative bank of Kenya, the bank ownership was as depicted in the table below, as of August 2020.  

Acquisition

In March 2020, Co-operative Bank of Kenya, the fourth-largest commercial bank in the country, began the process of acquiring 100 percent shareholding in Jamii Bora Bank. The process required regulatory approvals. On 7 August 2020, Cooperative Bank received all the necessary regulatory approvals to acquire 90 percent shareholding in Jami Bora Bank. On 25 August 2020, the bank re-branded to Kingdom Bank Kenya Limited.

Branches

As of August 2020, the bank maintained a network of branches at the following locations:

1. Koinange Branch - Jamii Bora House, Muindi Mbingu Street, Nairobi
2. Ongata Rongai Branch: Ongata Rongai, Nairobi
3. Thika Branch: Kenyatta Avenue, Thika
4. Kikuyu Branch: Brick House, Kikuyu
5. Kisumu Branch: Mega Plaza, Oginga Odinga Street, Kisumu
6. Kayole Branch: Kayole, Nairobi
7. Nyeri Branch: Naivas Mall, Nyeri
8. Mtwapa Branch - Mtwapa
9. Mombasa Branch: Southern House, Moi Avenue, Mombasa
10. Kawangware Branch: Mbugua Plaza Junction, Kawangware, Nairobi
11. Kilimani Branch: Jamii Bora House, Argwings Kodhek Road, Nairobi
12. Kirinyaga Road Branch: Kirinyaga Road, Nairobi
13. Kitengela Branch: Kitengela
14. Kiambu Branch: Kiambu
15. Wangige Branch: Wanie, Kiambu County
16. Utawala Branch: Utawala, Nairobi
17. Nakuru Branch: Nakuru
18. Kisii Branch: Kisii

Governance

The five-person board of directors is chaired by Margaret Karangatha. Other board members are Gideon Muriuki, the Cooperative Bank Group managing director, Macloud Malonza, Julius Sitienei and Anthony Mburu, the Kingdom Bank CEO.

See also

• List of banks in Kenya
• Central Bank of Kenya
• Economy of Kenya

References

1. ^ Patrick Alushula (25 August 2020). "Jamii Bora renamed, gets new CEO after acquisition by Co-operative Bank". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
2. ^ Jackson Okoth (7 January 2020). "KSh1.4 billion Acquisition of Jamii Bora Bank on Back Burners". Nairobi: The Kenyan Wall Street. Retrieved 25 August 2020.
3. Central Bank of Kenya (January 2020). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorized Non-Operating Holding Companies" (PDF). Nairobi: Central Bank of Kenya. Retrieved 25 August 2020.
4. Jamii Bora Bank (June 2020). "Contact Us". Nairobi: Jamii Bora Bank. Retrieved 25 August 2020.
5. "Road Distance Between Central Nairobi And Jamii Bora Bank, Kilimani" (Map). Google Maps. Retrieved 25 August 2020.
6. "Location of headquarters of Kingdom Bank Kenya Limited (Formerly Jamii Bora Bank)" (Map). Google Maps. Retrieved 25 August 2020.
7. James Anyanzwa (30 March 2010). "City Finance Buys Out Jamii Bora". The Standard (Kenya). Nairobi. Retrieved 25 August 2020.
8. ^ Margaret Njugunah (11 March 2020). "Co-op Bank to acquire struggling Jamii Bora after CBA settled for NIC". Nairobi: 98.4 Capital FM. Retrieved 25 August 2020.
9. George Ngigi (6 December 2011). "Jamii Bora Bank targets mid-tier status in upgrade". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
10. Patrick Alushula (7 August 2020). "Treasury, CBK give nod for Jamii Bora buyout by Co-op Bank". Business Daily Africa. Nairobi. Retrieved 25 August 2020.
11. Paul Wafula (11 March 2020). "CBK welcomes takeover of Jamii Bora by Co-op Bank". Daily Nation. Nairobi. Retrieved 12 March 2020.
12. Miriam Wangui (7 August 2020). "Regulator Approves Co-op Bank's 90% Stake Acquisition in Jamii Bora". Nairobi: The Kenyan Wall Street. Retrieved 25 August 2020.
13. ^ Victor Amadala (25 August 2020). "Jamii Bora is now Kingdom Bank, new CEO appointed". The Star (Kenya). Nairobi. Retrieved 25 August 2020.
14. Jamii Bora Bank (August 2020). "The Branches of Kingdom Bank Kenya Limited". Nairobi: Jamii Bora Bank. Retrieved 25 August 2020.
15. Wachira Mwangi (8 September 2013). "Jamii Bora Deepens Reach With Mtwapa Branch". Business Daily Africa. Nairobi. Retrieved 22 July 2014.

External links

• Website of Kingdom Bank Limited
• Website of Jamii Bora Bank
• Website of Central Bank of Kenya
• Case Study of Jamii Bora Bank
• Jamii Bora Investors To Convert KSh400 Million Bonds Into Shares
• Jamii Bora Profit Jumps 129 Percent On Loan Book Growth
• The Resilience Of Kenyan Banking Sector

v t e Banks of Kenya
Central bank	Central Bank of Kenya
Commercial bank	Absa Bank Access Bank Kenya African Banking Corporation Bank of Africa Bank of Baroda Bank of India CIB Kenya Citibank NA Kenya Consolidated Bank of Kenya Cooperative Bank of Kenya Credit Bank Development Bank of Kenya Diamond Trust Bank East African Development Bank Ecobank Kenya Equity Bank Family Bank Guaranty Trust Bank Guardian Bank Gulf African Bank Habib Bank AG Zurich Housing Finance Company of Kenya I&M Bank Kingdom Bank Limited Kenya Commercial Bank Middle East Bank Kenya M-Oriental Bank National Bank of Kenya NCBA Bank Paramount Universal Bank Post Bank Premier Bank Prime bank SBM Bank Kenya Sidian Bank Stanbic Bank Standard Chartered Kenya United Bank for Africa Victoria Commercial Bank
Financial services organization	DTB Group Equity Group Holdings HF Group I&M Holdings KCB Group Kenya Mortgage Refinance Company NCBA Group
Foreign banks	Bank of China Bank of Kigali FirstRand HDFC Bank HSBC Nedbank
Defunct banks	Chase Bank Commercial Bank of Africa (Formerly part of CBA Group) Dubai Bank Kenya Euro Bank Fina Bank Giro Commercial Bank Habib Bank Imperial Bank Limited Spire Bank
Microfinance Institutions	Choice Microfinance Bank Faulu Kenya Kenya Women Microfinance Bank SMEP Microfinance Bank
SACCOs	Imarisha Sacco Society Mwalimu National Sacco United Nations Sacco Society Unaitas
Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Financial services Foreign Exchange (FOREX) National Electronic Fund Transfer (NEFT) Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS)

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• Banks of Kenya
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