Family Bank

Family Bank Limited (FBL), commonly known as Family Bank, 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.[4]

Overview

Family Bank is a medium-sized commercial bank in Kenya. As of 31 December 2017, the bank's total assets were valued at KSh69.12 billion (approximately US$696 million), with shareholders' equity of KSh11.75 billion (approximately US$118.3 million).[5]

History

The bank was founded in 1984 as Family Finance Building Society Limited. Titus Muya, the former non-executive chairman of Family Bank, served as the founding chairman and chief executive officer for the bank's first 23 years. In 2007, it became a commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations.[6] Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network.[7]

In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.

In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image. This is the same building where founder Muya had rented a small space that served as both a branch and his office.

Ownership

The shares of stock of FBL are privately owned by institutional and individual investors. In October 2010, a consortium consisting of private equity firm AfricInvest, based in Tunisia, FMO of the Netherlands and Norway's Norfund, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million. Two years later, that stake was sold to two Kenyan corporations, for an estimated price of US$21.3 million (KES: 1.84 billion). The company shares are traded over-the-counter, with plans to list on the Nairobi Stock Exchange (NSE) in the future.[8]

As of June 2015, the bank's shareholding was as follows:[9]

Branch network

In February 2021, the bank opened its 92nd networked brick-and-mortar branch, in the Nairobi neighborhood called Eastleigh. At that time, Family Bank maintained branches in 34 out of Kenya's 47 counties.[10]

Governance

The chairman of the board of directors is Wilfred D. Kiboro, one of the non-executive directors. Nancy Njau is the chief executive officer, effective 2 January 2024.[2]

See also

• List of banks in Kenya
• Central Bank of Kenya
• Economy of Kenya

External links

• Website of Family Bank