National Bank of Kenya

National Bank of Kenya
Public
Traded as KN: NBK
Industry Financial Services
Founded 1968
Headquarters Nairobi, Kenya
Key people
Mohamed A. Hassan
Chairman[1]
Wilfred Musau
Acting Managing Director[2]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards
Revenue DecreaseAftertax:US$11.6 million (KES:1.15 billion) (2015)[2]
Total assets US$1.07 billion (KES:92.5 billion) (2013)
Number of employees
1,079 (2014)[3]
Website Homepage

National Bank of Kenya (NBK), also known as National 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.[4]

Overview

NBK is a large financial services provider in Kenya, serving individuals, small-to-medium companies and businesses (SMEs) and large corporations. Headquartered in Nairobi, the bank owns one subsidiary company: NatBank Trustee and Investment Services Limited. As of December 2013, National Bank of Kenya's asset base was valued at approximately US$1.07 billion (KES:92.5 billion), with shareholders' equity valued at about US$137.2 million (KES:11.85 billion).[5] At that time, National Bank of Kenya was ranked number eleven, by assets, among the forty-three commercial banks licensed in the country then.[6] The stock of National Bank of Kenya is listed on the Nairobi Stock Exchange, where it trades under the symbol: NBK.[7]

History

The bank was established in 1968 as a 100% government-owned financial institution. In 1994, the Kenyan Government reduced its shareholding to 68% by selling 32% shareholding to the public. The government further divested from NBK over the years, until its present shareholding of 22.5%, as of August 2014.[8] Following 12 years of poor financial performance, the bank became profitable again in 2010, paying out an annual dividend every year since.[9]

Subsidiaries

The bank owns the following subsidiary companies in which it has 100% shareholding

  1. Natbank Trustee and Investment Services Limited: Nairobi, Kenya
  2. Kenya National Capital Corporation Limited: Nairobi, Kenya
  3. NBK Insurance Agency Limited: Nairobi, Kenya

Ownership

As of December 2013, the stock of National Bank of Kenya is owned by the following corporate entities and individuals:[10]

National Bank of Kenya Stock Ownership
Rank Name of OwnerPercentage Ownership
1National Social Security Fund (Kenya)48.05
2Kenya Ministry of Finance22.50
3NIC Custodial Services0.41
4Equity Nominee Limited:000840.37
5Equity Nominee Limited:001110.34
6Standard Chartered Nominees:9098AJ0.34
7Ephraim Mwangi Maina0.33
8Craysell Investments Limited0.32
9Jubilee Insurance Company of Kenya Limited0.29
10David Mwangi Ndegwa 0.25
11Over 49,200 Other Investors26.79
Total100.00

See also

References

  1. NBK, . "National Bank of Kenya: The Board of Directors". National Bank of Kenya (NBK). Retrieved 6 August 2014.
  2. 1 2 Ngugi, Brian (25 April 2016). "National Bank of Kenya confirms sacking of former CEO". Business Daily Africa. Nairobi. Retrieved 25 April 2016.
  3. Munda, Constant (27 March 2014). "Kenya: National Bank to Shed Off Staff to Reduce Wage Bill". The Star (Nairobi). Retrieved 6 August 2014.
  4. CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 6 August 2014.
  5. NBK, . "Abridged, Audited 31 December 2013 Financial Statement" (PDF). National Bank of Kenya (NBK). Retrieved 6 August 2014.
  6. Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 6 August 2014.
  7. NSE, . "Nairobi Securities Exchange: Listed Companies". Nairobi Securities Exchange (NSE). Retrieved 6 August 2014.
  8. NBK, . "History of National Bank of Kenya". National Bank of Kenya (NBK). Retrieved 6 August 2014.
  9. Munda, Constant (28 March 2014). "National Bank of Kenya Shareholders Receive Dividend Raise". The Star (Nairobi). Retrieved 6 August 2014.
  10. NBK, . (March 2014). "National Bank of Kenya Audited 31 December 2013 Annual Report: List of 10 Largest Shareholders" (PDF). National Bank of Kenya (NBK). Retrieved 6 August 2014.
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