Industry Financial services Headquarters Nairobi | Founded 2008 | |
Key people Abdalla Abdulkhalik
Chief Executive Officer & Board Member Revenue Aftertax: US$3,902, 912 million (KES:402 million) (2014) Total assets US$212, 805, 271 million (KES:21,918,943 billion) (2014) Profiles | ||
Employer of the week gulf african bank
Gulf African Bank (GAB), whose full name is Gulf African 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.
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Gulf african bank foundation launch
Overview
As of December 2014 the bank was a mid-sized financial services provider in Kenya. Its total assets were valued at approximately US$191.8 million (KES:19, 753, 647 billion), with customer deposits totalling approximately US$153.3 million (KES:15.8 billion), and shareholders' equity estimated at approximately US$30.6 million (KES:3.15 billion). At that time, the bank was ranked number 25, by assets, out of the 43 licensed banks in Kenya then. The bank has plans to enter Uganda and Tanzania.
History
Discussions to establish the bank started in 2005, by individuals and institutions from the Persian Gulf and Kenya. The bank began banking operations in 2008, after receiving a commercial banking license and authorisation to establish a Sharia bank, from the Central Bank of Kenya. Gulf African Bank is the second commercial bank in Kenya to receive authorisation to practice Sharia banking, after First Community Bank, which opened in 2007. At the time it opened, Gulf African Bank's capital base totalled over US$21 million (KES:1.75 billion).
Ownership
The shares of stock in Gulf African Bank are privately held by institutional and private investors from the Persian Gulf, Kenya and the United States of America. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the investors listed in the table below. In September 2012, the International Finance Corporation acquired 16% shareholding in the bank for US$5 million. It is not clear how the shareholding will look after the money changes hands.
Branch network
As of August 2014, the bank operates a network of branches at the following locations:
- Head Office - Geminia Insurance Plaza, Kilimanjaro Avenue, Nairobi
- Lamu Branch - Old Telkom Office, Jomo Kenyatta Road, Lamu
- Kenyatta Avenue Branch - Ground Floor, Hughes Building, Kenyatta Avenue, Nairobi
- Eastleigh Branch II - Shariff Centre Building, Jam Street, Eastleigh, Nairobi
- Bombolulu Branch - Madina Estate, New Mombasa-Malindi Highway, Bombolulu, Mombasa
- Westlands Branch - 9 West Building, Westlands, Nairobi
- Enterprise Branch - Addis Ababa Road, Off Enterprise Road, Nairobi
- Upper Hill Branch - Ground Floor, Geminia Ins. Plaza, Kilimanjaro Ave., Upper Hill, Nairobi
- Jomo Kenyatta Branch - Kasa Building, Jomo Kenyatta Avenue, Mombasa
- Malindi Branch - Blue Marlin Building, Lamu Road, Malindi
- Garissa Branch - First House, Al-Waqf Quran House, Kismayu Road, Garissa
- Nkrumah Road Branch - Najat House, Nkrumah Road, Mombasa
- Eastleigh Main Branch - Eastleigh Mall Building, General Wariunge Street, Eastleigh, Nairobi
- Bondeni Branch - Abdel Nasser Road, Bondeni, Mombasa