Type Private Website Homepage Founded 2002 | Industry Financial Services Headquarters Nairobi Parent organization Bank M | |
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Key people Shanti V. Shah, Chairman
Rakesh Kashyap, Managing Director & CEO Products Checking, Savings, Investments, Debit Cards Revenue Aftertax: US$429,000 (KES:42.9 million) (2015) Total assets 84.9 million USD (2015, KES:8.5 billion) | ||
Small sized lender oriental commercial bank formally rebrands to m oriental bank
M Oriental Bank, previously known as Oriental 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 central bank and national banking regulator.
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M oriental bank 2016 jays pyrotechnics
Overview
As of December 2015, the bank's total assets were valued at about US$84.9 million (KES:8.5 billion), with shareholders' equity of about US$22.4 million (KES:2.24 billion). In June 2016, the bank announced a change in business strategy. MOB will cease to operate as a retail bank and instead become a private bank, with focus on serving family-owned businesses and high net-worth individuals. The use of ATMs would also be phased out.
Ownership
In May 2015, a group of Tanzanian investors, who are also shareholders in Bank M, received Kenyan regulatory approval to purchase 51 percent shareholding in OCB. This marks the first time that Tanzanians have become the majority shareholders in a Kenyan financial institution. The acquisition will further lead to OCB changing its name to M Oriental Bank (MOB) After the transaction was consummated, Bank M Holdings and related parties own 51 percent in the company. As at September 2016, the shareholding in the company is as depicted in the table below:
Branch network
The bank maintains a network of branches at the following locations:
- Westlands Branch - Apollo Centre, 2nd Floor, Ring Road, Westlands, Nairobi
- Koinange Street Branch - Finance House, Ground Floor, Koinange Street, Nairobi
- Nakumatt Mega Branch - Nakumatt Mega Store, Uhuru Highway, Nairobi
- Thika Road Mall Branch - Thika Super Highway, Thika Road, Nairobi
- Mombasa Branch - HassanAli Building, Nkurumah Road, Mombasa
- Nakuru Branch - AFC Building, Kijabe Row, Nakuru
- Eldoret Branch - Muya House, Kenyatta Street, Eldoret
- Kitale Branch - Robert Ouko Road, Kitale.
Governance
The bank is governed by a six-person board of directors. Shanti Shah, one of the non-executive directors, serves as the Chairman. The Managing Director and CEO is Rakesh Kashyap.