M Oriental Bank

M Oriental Bank
Private
Industry Financial Services
Founded 2002
Headquarters Nairobi, Kenya
Key people
 Shanti V. Shah, Chairman
Rakesh Kashyap, Managing Director & CEO
Products Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$429,000 (KES:42.9 million) (2015)
Total assets US$84.9 million (KES:8.5 billion) (2015)
Website Homepage

M Oriental Bank, previously known as Oriental Commercial Bank Limited, 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.[1]

Overview

As of December 2015, the bank's total assets were valued at about US$84.9 million (KES:8.5 billion), with shareholders' equity of about US$22.4 million (KES:2.24 billion).[2] In June 2016, the bank announced a change in business strategy. MOB will cease to operate as a retail bank and instead become a private bank, with focus on serving family-owned businesses and high net-worth individuals. The use of ATMs would also be phased out.[3]

Ownership

In May 2015, a group of Tanzanian investors, who are also shareholders in Bank M, received Kenyan regulatory approval to purchase 51 percent shareholding in OCB. This marks the first time that Tanzanians have become the majority shareholders in a Kenyan financial institution. The acquisition will further lead to OCB changing its name to M Oriental Bank (MOB)[4] After the transaction was consummated, Bank M Holdings and related parties own 51 percent in the company.[5] As at September 2016, the shareholding in the company is as depicted in the table below:[6]

M Oriental Bank Stock Ownership
Rank Name of OwnerPercentage Ownership
1 M Holdings Limited
33.83
2 Pasha Investments Limited
7.68
3 Nalinkumar Meghji Shah
6.51
4 Sag Investment Limited
4.32
5 Rupen Mulchand Haria
4.11
6 Bank One Limited
3.68
7 Others with 3.6 percent or less each
39.87
Total100.00

Branch network

The bank maintains a network of branches at the following locations:[7]

  1. Westlands Branch - Apollo Centre, 2nd Floor, Ring Road, Westlands, Nairobi
  2. Koinange Street Branch - Finance House, Ground Floor, Koinange Street, Nairobi
  3. Nakumatt Mega Branch - Nakumatt Mega Store, Uhuru Highway, Nairobi
  4. Thika Road Mall Branch - Thika Super Highway, Thika Road, Nairobi
  5. Mombasa Branch - HassanAli Building, Nkurumah Road, Mombasa
  6. Nakuru Branch - AFC Building, Kijabe Row, Nakuru
  7. Eldoret Branch - Muya House, Kenyatta Street, Eldoret
  8. Kitale Branch - Robert Ouko Road, Kitale.

Governance

The bank is governed by a six-person board of directors. Shanti Shah, one of the non-executive directors, serves as the Chairman.[8] The Managing Director and CEO is Rakesh Kashyap.[9]

See also

References

  1. ↑ CBK (2 August 2016). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorised Non-Operating Bank Holding Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 2 August 2016.
  2. ↑ OCB (8 March 2016). "Audited 31 December 2015 Annual Report & Financial Statement". Nairobi: M Oriental Bank (MOB).
  3. ↑ Ngugi, Brian (22 June 2016). "M Oriental Bank targets family business". Business Daily Africa. Nairobi. Retrieved 2 August 2016.
  4. ↑ Mwaniki, Charles (26 May 2015). "Dar owners in Sh1.3 billion Oriental deal to change bank name". Business Daily Africa. Nairobi. Retrieved 2 August 2016.
  5. ↑ Ngigi, George (18 May 2016). "Dar investors acquire 51 percent stake in Kenyan bank". Business Daily Africa. Nairobi. Retrieved 2 August 2016.
  6. ↑ Herbling, David (7 September 2016). "Tanzanian lender plans majority stake buyout in Kenya's Oriental Bank". Business Daily Africa. Nairobi. Retrieved 8 September 2016.
  7. ↑ OCB, . "The Branch Network of Oriental Commercial Bank". Oriental Commercial Bank (OCB). Retrieved 5 August 2014.
  8. ↑ MOB (2 August 2016). "The Board of M Oriental Bank". Nairobi: M Oriental Bank (MOB). Retrieved 2 August 2016.
  9. ↑ MOB (2 August 2016). "Key People At M Oriental Bank". Nairobi: M Oriental Bank (MOB). Retrieved 2 August 2016.
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