Family Bank

Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[5]

Family Bank
Private
IndustryFinancial services
Founded1984 (1984)
HeadquartersNairobi, Kenya
Key people
Wilfred Kiboro
Chairman[1]
Rebecca Mbithi
Managing Director & CEO[2]
ProductsLoans, checking, savings, investments, debit cards
RevenueAftertax:US$10.1 million (KES:1.0 billion) (2017)[3]
Total assetsUS$696 million (KES:69.12 billion) (2017)[3]
Number of employees
1,324 (2019)[4]
WebsiteHomepage

Overview

Family Bank is a medium-sized commercial bank in Kenya. As of 31 December 2017, the bank's total assets were valued at KSh69.12 billion (approximately US$696 million), with shareholders' equity of KSh11.75 billion (approximately US$118.3 million).[3]

History

The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the former non-executive chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the organisation. In 2007, FFBSL became a commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations.[6] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[7]

In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.

In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image. This is the same building where founder Mr. TK Muya had rented a small space that served as both a branch and his office.

Ownership

The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES:1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE) in the future.[8]

As of June 2015, the bank's shareholding was as follows:[9]

Family Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Kenya Tea Development Agency15.45
2The Estate of Rachel Njeri Muya13.42
3Daykio Plantations Limited12.30
4Titus Kiondo Muya5.34
5Standard Chartered Kenya Nominees A/C 9660B3.73
6PA Securities3.57
7Kenya Orient Insurance Ltd2.86
8Julius Brian Kiondo Muyah2.69
9Ann Njeri2.68
10 Mark Keriri 2.68
11Others35.27
Total100.00

Branch network

The bank maintains a network of nearly 93 branches as of April 2016, with plans to have over 100 networked branches by the end of 2016.[10][11][12]

Governance

The chairman of the board of directors is Wilfred D. Kiboro, one of the non-executive directors. Rebecca Mbithi serves as the chief executive officer - designate.[2]

gollark: This is working *suspiciously* well.
gollark: Can I technically say I'm using the axiom of choice if I pop from a set?
gollark: I haven't quite worked out how it'll work across the network but I figure stuff will just share a list of links or something.
gollark: Basically, instead of the accursed interbridge bridge logic I just maintain a list of individual channel-channel links.
gollark: In ABR-EV?

See also

References
  1. Njiru, John (2 November 2012). "Kiboro Joins Family Bank As Chairman". Daily Nation. Nairobi. Retrieved 11 August 2014.
  2. Ngugi, Brian (26 February 2019). "Family Bank board taps insider as new chief executive". Daily Nation. Nairobi. Retrieved 1 March 2019.
  3. Family Bank (28 March 2018). "Family Bank Audited Financials for the Year Ended 31 December 2017" (PDF). Nairobi: Family Bank. Retrieved 1 March 2019.
  4. Bloomberg L.P. (1 March 2019). "Company Overview of Family Bank Limited". New York City: Bloomberg L.P. Retrieved 1 March 2019.
  5. CBK (29 March 2016). "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Nairobi: Central Bank of Kenya (CBK). Retrieved 29 March 2016.
  6. FBL, . "Profile of Family Bank Limited". Family Bank Limited (FBL). Retrieved 11 August 2014.CS1 maint: numeric names: authors list (link)
  7. Langat, Anthony (6 August 2014). "Kenya: Family Bank Outlines Branch Expansion Plans". CAJ News Agency (Johannesburg) via AllAfrica.com. Retrieved 11 August 2014.
  8. Mutegi, Mugambi (18 December 2012). "Equity Firms Sell Family Bank Stake To KTDA, Laptrust". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
  9. FB (30 September 2015). "Family Bank MTN - Information Memorandum" (PDF). Family Bank (FB). Retrieved 13 October 2015.
  10. Otini, Rawlings (19 March 2012). "Family Bank To Spend KSh600 Million On New Branches This Year". Business Daily Africa (Nairobi). Retrieved 11 August 2014.
  11. FBL, . "The Branch Network of Family Bank Limited". Family Bank Limited (FBL). Archived from the original on 12 August 2014. Retrieved 11 August 2014.CS1 maint: numeric names: authors list (link)
  12. Mutegi, Mugambi (1 February 2016). "Family Bank to open 10 new branches before end of year". Business Daily Africa. Nairobi. Retrieved 1 February 2016.
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