Consolidated Bank of Kenya commonly known as Consolidated Bank, is a commercial bank in Kenya, East Africa's largest economy. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
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Overview
Consolidated Bank is a medium-sized financial services provider in Kenya, focusing on meeting the banking needs of small and medium-sized enterprises (SME's) in the country. As of December 2015, the Bank's total asset valuation stood at about US$138.2 million (KES: 14.1 billion), with shareholders' equity valued at about US$15.8 million (KES: 1.6 billion). As at March 2015, the bank was rated number 24, by assets, out of 42 licensed banks in Kenya.
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History
The bank was incorporated in 1989, as a result of the merger of the following nine insolvent financial institutions:
- Jimba Credit Corporation Limited
- Union Bank of Kenya Limited
- Kenya Savings and Mortgages Limited
- Estate Finance Company of Kenya Limited
- Estate Building Society
- Business Finance Company Limited
- Citizen Building Society
- Nationwide Finance Company Limited
- Home Savings and Mortgages Limited
Consolidated Bank aims to meet the banking needs of both individuals and institutions. In the beginning, the institution was limited to collecting the debts of the failed legacy financial institutions. However, the Central Bank of Kenya, issued CBOK with a full commercial banking license in 2001.
With decades of banking experience and a special focus on SMEs, it is in a strong position to help growing businesses unlock their potential and sail through the complexities they may face.
End to end banking services include: current accounts, savings accounts, fixed and call deposits, loan and overdraft facilities, local and overseas money transfer services, and local and international trade finance. The bank is also active on the local inter-bank money market.
Ownership
Consolidated Bank is fully owned by the Government with the majority shareholding in the bank (77.9%) held by the Treasury through the Deposit Protection Fund. The remaining shareholding is spread over twenty five (25) parastatals and other quasi government organizations as set out below.
As of December 2015, Consolidated Bank maintains 17 branches in urban areas of Kenya.
Source of the article : Wikipedia
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