Industry Financial Services Headquarters Nairobi Type of business Private | Website Homepage Founded 1988 | |
Key people James Birnie
Chairman
Rana Sengupta
Managing Director
Kass Khimji
General Manager Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards Revenue Afertax:US$2.6 million) (KES:228.5 million) (2013) Total assets US$147.8 million (KES:12.78 billion) (2013) Profiles | ||
FidelityBank, whose full name is Fidelity 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 country's central bank and national banking regulator.
Contents
Overview
The bank is a medium-sized retail bank, serving mainly the urban areas of Nairobi and Mombasa. As of December 2013, FidelityBank had an asset base of about US$147.8 million (KES:Shs12.78 billion). At that time, the bank was ranked number 32, out of the 43 licensed commercial banks in the country. In December 2012, shareholders' equity at the bank was valued at about US$11.6 million (KES:1.02 billion).
History
The institution was incorporated in 1988 as African Finance Company. In 1992, the finance company rebranded as Fidelity Finance Limited. In 1996, the institution rebranded again as Fidelity Commercial Bank Limited, having been granted a banking license by the Central Bank of Kenya, the national banking regulator. The bank has plans to list its stock on the Nairobi Stock Exchange, according to its website.
Ownership
FidelityBank is a privately held institution. One of the shareholders is the private equity firm Duet Group of the United Kingdom, which acquired its shareholding in March 2016 for KSh1.9 billion (approx. US$19 million).
In November 2016, SBM Group announced that it has reached an agreement to wholly acquire Fidelity Commercial Bank. The deal was set to be concluded by the end of December 2016.
Governance
James Birnie, one of the non-Executive Directors of the bank, serves as the Chairman of the seven-member Board of Directors. Rana Sengupta is the Managing Director of the bank, since September 2008.
Branch Network
As of November 2014, the bank maintains branches at the following locations:
- Head Office - 7th Floor, IPS Building, Kimathi Street, Nairobi
- City Center Branch - Jubilee Exchange, Kaunda Street, Nairobi
- Westlands Branch - Ground Floor, Shimmers Plaza, Westlands Road, Westlands, Nairobi
- Industrial Area Branch - Dar es Salaam Road, Nairobi
- New Muthaiga Branch - Ground Floor, New Muthaiga Shopping Mall, Thigiri Ridge Road, Nairobi
- Kilimani Branch - First Floor, 197 Lenana Place, Nairobi
- Mombasa Branch - Dedan Kimathi Street, Opposite Pandya Memorial Hospital, Mombasa
- Diani Branch - Baharini Plaza, Beach Road, Diani
- Malindi Branch - Sabaki Centre, Lamu Road, Malindi
- Changamwe Branch - Airport Road, Changamwe, Mombasa
- Nyali Branch - Nyali Centre, Links Road, Mombasa
- Parklands Branch - Highridge, Parklands, Nairobi
- Sameer Branch - Sameer Industrial Park, Nairobi
- Nakuru Branch - Nakuru
- Meru Branch - Meru
- Eldoret Branch - Eldoret