Industry Financial services Headquarters Nairobi | Website devbank.com Founded 1963 | |
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Key people H.K. Mengech
Chairman
Victor Kidiwa
Chief Executive Officer Revenue Aftertax: US$832,200 (KES:71.953 million (2013) Total assets US$180 million (KES:15.58 billion) (2013) | ||
Development Bank of Kenya (DBK), 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.
Contents
Overview
DBK is a medium-sized financial institution providing an array of financial services to both individuals and businesses. As of December 2013, the total asset valuation of the bank was approximately US$180 million (KES:15.58 billion), with shareholder's equity of about US$21 million (KES:1.822 billion). At that time, the bank was ranked number 26, by assets, among the 43 licensed banks in Kenya.
History
Development Bank of Kenya was established in 1963 as a non-banking financial institution. Its primary focus at that time was to promote and develop commercially viable projects in Kenya. In 1964, DBK began financing development projects as a Development Finance Institution (DFI). As part of the banking reforms of 1996, DBK converted to a commercial bank and began accepting customer deposits.
Ownership
Shareholding in DBK at its inception included (a) the Government of Kenya, through the Industrial and Commercial Development Corporation (ICDC), (b) the British Government, through Commonwealth Development Corporation (CDC) and (c) the Government of Germany, through the German Investment Corporation (DEG). In 1967, the Dutch Government, through the Netherlands Development Finance Company (FMO), became the fourth shareholder. In 1981, the World Bank, through the International Finance Corporation (IFC), became the fifth shareholder. Over the years, the non-Kenyan shareholders have divested from the bank and shareholding in DBK is as depicted in the table below:
Branch network
As of August 2014, the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has one branch on the ground floor of its headquarters building.