Jamii Bora Bank

Jamii Bora Bank (JBB), is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[3]

Jamii Bora Bank
Private
IndustryFinancial Services
Founded1999 (1999)
HeadquartersNairobi, Kenya
Key people
Richard K.Kiplagat (Chairman), Timothy Kabiru (Chief Executive Officer)[1]
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
RevenueAftertax:US$981,700+ (KES:96 million) (2014)[2]
Total assetsUS$143.2 million (KES:14 billion) (July 2015)[2]
Websitejamiiborabank.co.ke

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.[4] In March 2020, Co-operative Bank of Kenya proposed an acquisition of Jamii Bora Bank.[5]

Assets

In July 2015, the bank's total assets were valued at approximately US$143.2 million (KSh14 billion). As of December 2014, the bank's total assets were valued at about US$134 million (KES:13.1 billion), with shareholders' equity of about US$23.5 million (KES:2.5 billion).[2][6]

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.[7]

The major shareholders in the stock of the bank, As of 31 December 2016 are listed in the table below:[8]

Jamii Bora Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Asterisk Holdings20.08
2ShoreCap II Limited 15.25
3Jamii Bora Scandinavia AB 12.17
4Catalyst JBB Holdings LLC 9.65
5Nordic Micro Cap Investments 7.04
6Cornerstone Enterprises Limited 4.69
7ESOP4.37
8Other investors26.75
Total100.00

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 requires regulatory approvals.[9][10]

Branches

As of September 2015, the bank maintains a network of branches at the following locations:[11]

  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
  8. Mtwapa Branch - Mtwapa[12]
  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
  14. Kiambu Branch
  15. Wangige Branch
  16. Utawala Branch
  17. Nakuru Branch
  18. Kisii Branch

See also

References
  1. Juma, Victor (13 June 2012). "Jamii Bora Shakes Up Board of Directors". Business Daily Africa. Retrieved 22 July 2014.
  2. Mwita, Martin (1 July 2015). "Jamii Bora Rules Out Merger, To Raise KSh3 Billion". The Star (Kenya). Nairobi. Retrieved 4 July 2015.
  3. CBK, . "Central Bank of Kenya - Bank Supervision: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Archived from the original on 1 July 2014. Retrieved 22 July 2014.CS1 maint: numeric names: authors list (link)
  4. Anyanzwa, James (30 March 2010). "City Finance Buys Out Jamii Bora". The Standard (Kenya) (StandardMedia.Co.Ke). Retrieved 22 July 2014.
  5. "Co-op Bank to acquire struggling Jamii Bora after CBA settled for NIC". Capital Business. 11 March 2020. Retrieved 11 March 2020.
  6. Mwita, Martin (1 July 2015). "Kenya: Jamii Bora Bank To Open Branches In Uchumi Shops". The Star (Kenya) via AllAfrica.com. Nairobi. Retrieved 4 July 2015.
  7. Ngigi, George (6 December 2011). "Jamii Bora Bank Targets Mid-Tier Status In Upgrade". Business Daily Africa (Nairobi). Retrieved 22 July 2014.
  8. "Jamii Bora Information Memorandum Rights Issue 2017" (PDF). Jamii Bora Bank. 31 May 2017. Retrieved 21 June 2016.
  9. Paul Wafula (11 March 2020). "CBK welcomes takeover of Jamii Bora by Co-op Bank". Daily Nation. Nairobi. Retrieved 12 March 2020.
  10. Margaret Njugunah (11 March 2020). "Co-Op Bank To Acquire Struggling Jamii Bora After CBA Settled For NIC". Nairobi: 98.4 Capital FM. Retrieved 12 March 2020.
  11. JBB, . "Branches of Jamii Bora Bank". Jamii Bora Bank (JBB). Archived from the original on 27 July 2014. Retrieved 22 July 2014.CS1 maint: numeric names: authors list (link)
  12. Mwangi, Wachira (8 September 2013). "Jamii Bora Deepens Reach With Mtwapa Branch". Business Daily Africa (Nairobi). Retrieved 22 July 2014.
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