Industry Banking Founded 1962 | Number of employees 1,104 | |
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Key people Desterio OyatsiChairmanIsaac AwuondoManaging Director Products Loans, credit cards, savings, investments, mortgages Revenue Aftertax:US$36 million (KES:3,592 billion) (2015) Website www.cbagroup.com/ke/index.php/home Total assets 2.166 billion USD (KES:215.6 billion, 2015) Subsidiaries Commercial Bank of Africa (Tanzania) | ||
Customer testimonial mohammed jama dalal commercial bank of africa
Commercial Bank of Africa (CBA) is a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
Contents
- Customer testimonial mohammed jama dalal commercial bank of africa
- Commercial bank of africa s expansion plans
- Overview
- History
- Ownership
- Commercial Bank of Africa Group
- Governance
- References
Commercial bank of africa s expansion plans
Overview
As of December 2015, the bank was one of the largest commercial banks in Kenya with assets of approximately US$2.166 billion (KES:215.6 billion), with shareholders' equity of approximately US$217.83 million (KES:21.68 billion). It is the largest privately owned commercial bank in Kenya.
History
The bank was founded in 1962 in Dar es Salaam, Tanzania. Soon, branches were opened in Nairobi & Mombasa, Kenya and in Kampala, Uganda. When Tanzania nationalised private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.
At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert, Commerz Bank and Bank of America. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of Kenyan investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.
Ownership
Commercial Bank of Africa's ownership is under a shareholding structure. The Kenyatta family controls 98.91 percent of CBA through an investment vehicle called Enke Investments Limited.
Commercial Bank of Africa Group
Commercial Bank of Africa (Kenya) is a member of the CBA Group of companies. These include:
Governance
The Chairman of the board of directors is Desterio Oyatsi, one of the non-executive directors. Isaac Awuondo serves as the managing director.