Kingdom Bank Limited (Kenya)

Kingdom Bank Limited (Kenya), formerly Jamii Bora Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[2]

Location

The headquarters of the bank are located at Kingdom Towers (formerly Jamii Bora Towers), along Argwings Kodhek Road, in Kilimani, Nairobi,[3] approximately 6 km, by road, west of the city centre.[4] The geographical coordinates of the bank's headquarters are:01°17'35.0"S, 36°47'23.0"E (Latitude:-1.293056; Longitude:36.789722).[5]

History

The bank was founded as a charitable trust by 50 destitute families on the streets of Nairobi, Kenya's capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank. In March 2010, Jamii Bora merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high-net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.[6]

In March 2020, Co-operative Bank of Kenya, the country's fourth-largest commercial bank, with nearly 10 percent market share of national banking assets, proposed the acquisition of Jamii Bora Bank.[7]

Kingdom Bank was finally acquired and is a subsidiary of the Co-operative Bank of Kenya since its acquisition in August 2020.

The bank has a network of 27 branches[8], and is expanding.[9]

Assets

In March 2018, the bank's total assets were valued at approximately KSh12.5 billion (US$117 million).[10]

As of December 2023, the bank had total assets of Ksh 36.7 billion, profit before tax amounting to Ksh 1.08 billion, with interest income reaching Ksh 3.7 billion and non-interest income standing at Ksh 533.7 million.

Ownership

Jamii Bora Bank is privately owned. A rights issue of US$4 to US$6 million was successfully executed in the 4th quarter of 2010. In November 2011, a new consortium known as Asterisk Holdings, invested KES:410 million (approx:US$4.6 million) in Jamii Bora Bank.[11] Following the acquisition of 90 percent shareholding in the stock of the bank by Cooperative bank of Kenya, the bank ownership was as depicted in the table below, as of August 2020.[12]

Acquisition

In March 2020, Co-operative Bank of Kenya, the fourth-largest commercial bank in the country, began the process of acquiring 100 percent shareholding in Jamii Bora Bank. The process required regulatory approvals.[7][13] On 7 August 2020, Cooperative Bank received all the necessary regulatory approvals to acquire 90 percent shareholding in Jami Bora Bank.[14] On 25 August 2020, the bank re-branded to Kingdom Bank Kenya Limited.[1][15]

Branches

, the bank maintained a network of branches at the following locations:[16]

• 1) Bungoma Branch[17]: Yogi Building, Moi Avenue Road, Bungoma
• 2) Eldoret Branch: Corner House, Kenyatta Street, Eldoret
• 3) Embu Branch[18]: Njue Plaza, Embu-Nairobi Highway, Embu
• 4) Gikomba Branch[19]: Kombo Munyiri Road, Nairobi
• 5) Kariobangi Branch[20]: Marphic Ark Hotel, Kariobangi, Nairobi
• 6) Kawangware Branch: Mbugua Plaza Junction, Kawangware, Nairobi
• 7) Kayole Branch: Pinnacle Centre, Spine Road, Kayole, Nairobi
• 8) Kiambu Branch: Githunguri Nyakinywa Women Group Building, Kiambu
• 9) Kikuyu Branch: Red Brick House, Kikuyu
• 10) Kilimani Branch: Kingdom Bank Towers, Argwings Kodhek Road, Nairobi
• 11) Kisii Branch: Mocha Place, Kisii-Kisumu Road, Kisii
• 12) Kisumu Branch: Jubilee House, Oginga Odinga and Angawa Street, Kisumu
• 13) Kitale Branch[21]: GH Tanna Building, Kenyatta Street, Kitale
• 14) Kitengela Branch: Newton House, Kitengela
• 15) Kirinyaga Road Branch: Bits House, River Road, Nairobi
• 16) Koinange Branch: Winsor House, Muindi Mbingu Street, Nairobi
• 17) Machakos Branch: Kingdom Bank Building, Mbolu Malu Road, Machakos
• 18) Meru Branch[22]: Ntima Building, Tom Mboya Street, Meru
• 19) Mombasa Branch: Khamisi Building, Moi Avenue, Mombasa
• 20) Mtwapa Branch: Malindi Highway, Mtwapa Bridge, Mzambarauni, Mtwapa[23]
• 21) Nakuru Branch: Light House, Kenyatta Avenue, Nakuru
• 22) Nyeri Branch: Frontline Building, Gakere Road, Nyeri
• 23) Ongata Rongai Branch: Brisma Towers, Ongata Rongai, Nairobi
• 24) Thika Branch: Kenyatta Avenue, Thika
• 25) Tom Mboya Branch[24]: Nature House, Tom Moya Street, Nairobi
• 26) Utawala Branch: Mashariki Mall, Utawala, Nairobi
• 27) Wangige Branch: Wangige Shopping Centre, Walokana Petrol Station, Kiambu County

Subsidiaries

Kingdom Bank has the following subsidiaries[25]:

• Kingdom Bancassurance Intermediary Limited (Formerly Jamii Bora Insurance Agency Limited)
• Kingdom Leasing Limited (Formerly Jamii Bora Leasing Limited)

Governance

The five-person board of directors is chaired by Margaret Karangatha. Other board members are Gideon Muriuki, the Cooperative Bank Group managing director, Macloud Malonza, Julius Sitienei and Anthony Mburu, the Kingdom Bank CEO.[1][15]

See also

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

External links

• Website of Kingdom Bank Limited
• Website of Jamii Bora Bank
• Website of Central Bank of Kenya
• Case study of Jamii Bora Bank
• Jamii Bora Investors To Convert KSh400 Million Bonds Into Shares
• Jamii Bora Profit Jumps 129 Percent On Loan Book Growth
• The Resilience Of Kenyan Banking Sector