Family Bank
Encyclopedia
Family Bank Limited commonly known as Family Bank, is a commercial bank
in Kenya
. It is one of the forty-four (44) licensed commercial banks in the country.
, East Africa
's largest economy. The bank serves individuals and businesses, focusing on the poor and previously un-banked in the country. , the bank's total assets were valued at approximately US$250 million (KES:20.2 billion), with shareholders equity of approximately US$38.5 million (KES:3.1 billion). In August 2011, Kenyan media reported that the bank's assets were 1.4% of all commercial bank assets in the country.
for the first twenty-three years of the Society's life. In 2007, FFBSL transformed into a fully fledged commercial bank, following the issuance of a banking licence 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. Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network. In October 2010, a consortium
consisting of private equity firm AfricInvest, based in Mauritius
, FMO
of the Netherlands
and Norway
's Norfund
, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million.
of the bank is not publicly known at this time. A consortium consisting of the private equity firm AfricInvest of Mauritius, FMO of Netherlands and Norfund of Norway owns 25% shareholding in Family Bank effective October 2010.
is Titus Muya, one of the non-executive directors. Peter Munyiri serves as the Managing Director and Chief Executive Officer
.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. It is one of the forty-four (44) licensed commercial banks in the country.
Overview
Family Bank is a medium-sized commercial bank in KenyaKenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
's largest economy. The bank serves individuals and businesses, focusing on the poor and previously un-banked in the country. , the bank's total assets were valued at approximately US$250 million (KES:20.2 billion), with shareholders equity of approximately US$38.5 million (KES:3.1 billion). In August 2011, Kenyan media reported that the bank's assets were 1.4% of all commercial bank assets in the country.
History
The bank was founded in 1984 as Family Finance Building Society Limited (FFBSL). Titus Muya, the current non-Executive Chairman of Family Bank served as the founding Chairman and Chief Executive OfficerChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
for the first twenty-three years of the Society's life. In 2007, FFBSL transformed into a fully fledged commercial bank, following the issuance of a banking licence by the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the country's banking regulator. Titus Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations. Since converting to a commercial bank, FBL has been pursuing an expansion of its branch network. In October 2010, a consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
consisting of private equity firm AfricInvest, based in Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
, FMO
FMO
FMO has multiple meanings, including:* Fast Moving Object, a group of asteroids.* Fenna-Matthews-Olson complex, a water soluble chemical complex.* Field Marketing Organization, an entity that markets insurance and financial products....
of the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
and Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
's Norfund
Norfund
Norfund is a private equity company established by the Norwegian Storting in 1997 and owned by the Norwegian Ministry of Foreign Affairs. The fund receives its investment capital from the state budget...
, acquired a 25% stake in Family Bank for a cash sum of US$14.3 million.
Ownership
FBL is a privately owned institution. The detailed shareholding in the stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of the bank is not publicly known at this time. A consortium consisting of the private equity firm AfricInvest of Mauritius, FMO of Netherlands and Norfund of Norway owns 25% shareholding in Family Bank effective October 2010.
Branch Network
The bank maintains a network of fifty-four (54) branches around the country. Locations where the bank branches can be found include:- Main Retail Branch - Ground Floor, FourWays Towers, Muindi Mbingu Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Moi Avenue Branch - Sonalux House, Moi Avenue, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Main Corporate Branch - 3rd Floor, FourWays Towers, Muindi Mbingu Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Moi Avenue Corporate Branch - 5th Floor, KTDA Plaza, Moi Avenue, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Cargen House Branch - Cargen House, Moi Avenue, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Kenyatta Avenue Branch - Pan Africa House, Kenyatta Avenue, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Gikomba Branch I - Mt. Kenya Hardware Building, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Gikomba Branch II - Gikomba Market, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Githurai Branch - Muguga House, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Kariobangi Branch - KariobangiKariobangiKariobangi is a low-income residential estate in northeastern Nairobi, Kenya. It consists of both apartments and slum-type dwellings. It is split into two parts, Kariobangi North and Kariobangi South...
, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is... - Donholm Branch - Outer Ring Road, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Tom Mboya Street Branch - Tom Mboya Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Kilimani Branch - Argwings Kodhek Road, KilimaniKilimaniKilimani is a residential area in Nairobi's Westlands administrative division. It is also an electoral ward of Nairobi City Council and Westlands Constituency . Kilimani is located west of central Nairobi and adjacent Upper Hill estate...
, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is... - Kayole Branch - Kayole Kenol Service Station, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Ngara Branch - NgaraNgaraNgara is one of the six districts of the Kagera Region of Tanzania. It is bordered to the north by the Karagwe District, to the east by the Biharamulo District, to the south by the Kigoma Region, to the northeast by the Muleba District and to the west by Rwanda and Burundi.According to the 2002...
, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is... - Industrial Area Branch - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Banana Hill Branch - Banana Hill, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Main Mombasa Branch - Electricity House, Nkrumah Road, MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
- Second Mombasa Branch - Jomo Kenyatta Avenue, MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
- Nakuru Main Branch - Finance House, Kenyatta Avenue, NakuruNakuruNakuru, the provincial capital of Kenya's Rift Valley province, with roughly 300,000 inhabitants, and currently the fourth largest urban centre in the country, lies about 1850 m above sea level...
- Second Nakuru Branch - Njoro House, Shirikisho Street, NakuruNakuruNakuru, the provincial capital of Kenya's Rift Valley province, with roughly 300,000 inhabitants, and currently the fourth largest urban centre in the country, lies about 1850 m above sea level...
- Eldoret Branch - Aziz Akibar House, Kenyatta Street, EldoretEldoretEldoret is a town in western Kenya and the administrative centre of Uasin Gishu District of Rift Valley Province. Lying south of the Cherangani Hills, the local elevation varies from about 2100 metres above sea level at the airport to more than 2700 metres in nearby areas...
- Kitale Branch - Tanna House, Oginga Odinga Street, KitaleKitaleKitale is an agricultural town in western Kenya situated between Mount Elgon and the Cherengani Hills at an elevation of around . Its urban population was estimated at 220,000 in 2007....
- Embu Branch - Shah Villa, Kenyatta Street, Embu
- Thika Branch - Boni Kiumu Building, Uhuru Street, ThikaThikaThika is an industrial town in Central Province, Kenya, lying on the A2 road 40 km north east of Nairobi, near the confluence of Thika River & Chania River. Thika has a population of 200,000and is growing rapidly, as is the entire greater Nairobi area...
- Kiambu Branch - Bishop Magua House, Biashara Street, KiambuKiambuKiambu is a town in Central Province, Kenya. It is located at around , in the elevation of about 1,720 m. It has an urban population of 13,814. It is the capital of the Kiambu District, which bounds the northern border of Nairobi...
- Bungoma Branch - Ushirika House, Moi Avenue, BungomaBungomaBungoma is a town in Western Province of Kenya, bordered by Uganda in the west. Bungoma town was established as a trading centre in the early 20th century. The town is the headquarters of Kenya's Bungoma District and it hosts a municipal council...
- Kisii Branch - Umoja Complex, Hospital Road, Kisii
- Machakos Branch - Family Plaza, Ngei Street, MachakosMachakosMachakos is a town in Kenya, 64 kilometres southeast of Nairobi. It is the capital of the Machakos District in Eastern Province of Kenya. Machakos Town is a major rural centre, and also a satellite town due to its proximity to Nairobi. Its population is rapidly growing and is 192,117...
- Githunguri Branch - Family Bank Building, Githunguri-Kambaa Road, Githunguri
- Kangema Branch - Boyo House, Kangema
- Gatundu Branch - GatunduGatunduGatundu is a small town in the Central Province of Kenya. Gatundu is also center of the Gatundu division in Thika District. Gatundu is located 15 kilometres west of Thika and 15 kilometres north of Kiambu. Gatundu and its environs has two constituencies: Gatundu North and Gatundu South.Gatundu...
- Kangari Branch - Kangari
- Muranga Branch - Kenyatta Highway, Muranga
- Karia-ini Branch - Karia-ini
- Othaya Branch - OthayaOthayaOthaya is a Kenyan town about 150 kilometres north of Nairobi, the capital. It has a population of 21,427, of which 4,108 are core urban ; the majority of the residents are of the Kikuyu tribe. Othaya is part of the Nyeri District. It is an agricultural area with coffee and tea as the main cash crops...
- Kerugoya Branch - KerugoyaKerugoyaKerugoya is a town in Kenya. It is the capital of Kirinyaga District of Central Province. Kerugoya is located 10 kilometres east of Karatina and 40 kilometres west of Embu....
- Kisumu Branch - Reliance Building, Oginga Odinga Road, KisumuKisumuKisumu is a port city in western Kenya at , with a population of 355,024 . It is the third largest city in Kenya, the principal city of western Kenya, the immediate former capital of Nyanza Province and the headquarters of Kisumu County. It has a municipal charter but no city charter...
- Second Kisumu Branch - KisumuKisumuKisumu is a port city in western Kenya at , with a population of 355,024 . It is the third largest city in Kenya, the principal city of western Kenya, the immediate former capital of Nyanza Province and the headquarters of Kisumu County. It has a municipal charter but no city charter...
- Molo Branch - Family Bank Building, Mau Summit Road, MoloMoloMolo is an ethnic group in Blue Nile state in Sudan.They number less than thousand and speak Molo, a Nilo-Saharan language. Most of them or all of them are Muslims....
- Kapsabet Branch - KapsabetKapsabetKapsabet is a town in the Rift Valley Province, Kenya. It is the capital of Nandi Central District. Kapsabet hosts a municipal council and divisional headquarters of Kapsabet administrative division...
- Limuru Branch - LimuruLimuruLimuru is a town in central Kenya. It is also the name of a parliamentary constituency and an administrative division. Current 2004 population is about 4800....
- Nyahururu Branch - Busara House, NyahururuNyahururuNyahururu is a town in Kenya, lying east of Nakuru. It is part of Laikipia District in Rift Valley Province. Despite this, Nyahururu formerly functioned as the administrative capital of Nyandarua District, one of seven districts that constitute Central Province in Kenya, until the headquarters...
- Busia Branch - Family Bank Building, Busia, KenyaBusia, KenyaBusia is a town in Western Kenya. It is the largest town in Busia District, Kenya and the district headquarters are located there.-Location:Busia, Kenya is located in Busia District, in Kenya's Western Province, approximately , by road, west of Nairobi, Kenya's capital and largest city...
- Ruiru Branch - RuiruRuiruRuiru is a town in the Thika District of Kenya’s Central Province. Located within three kilometers of Nairobi's city boundary, Ruiru is a dormitory town for the nation's capital, and is connected by both rail and road...
- Meru Branch - Nchuri Ncheke Road, MeruMeru, Kenya-Transport:The City of Meru is linked to Nairobi by a paved road, whether from the south around the east side of Mount Kenya, via Embu, or from the northwest around the west and north side of Mount Kenya, via Nanyuki and Timau....
- Nyeri Branch - Kimathi Street, NyeriNyeriNyeri is a town in situated in the Central Highlands of Kenya Kenya, which was the administrative headquarters of the country's former Central Province...
- Kakamega Branch - Kakamega-Mumias Road, KakamegaKakamegaKakamega is a town in western Kenya lying about 30 km north of the Equator. It is the headquarters of . The town has a population of 73,607 ....
- Nyamira Branch - NyamiraNyamiraNyamira District is an administrative district in the Nyanza Province of Kenya. It was formerly part of the Kisii District and is sometimes called as North Kisii District. The district has a population of 492,102...
- Kitengela Branch - KitengelaKitengelaKitengela is a plain in Kenya, located south of capital Nairobi. There is also a town named Kitengela in the area.Close to Nairobi National Park is also the Kitengela Game Conservation Area populated with buffalo, masai giraffe, black rhino, eland, impala, Grant's and Thomson's gazelle, common and...
- Naivasha Branch - NaivashaNaivashaNaivasha is a market town in Rift Valley Province, Kenya, lying north west of Nairobi. It is located on the shore of Lake Naivasha and along the Nairobi - Nakuru highway and Uganda Railway.Naivasha is part of the Nakuru District...
- River Road Branch - River Road, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Nkubu Branch - Nkubu
- Banana Hills Branch - Banana HillsBanana HillsBanana Hills is a suburb of Karuri, in the Kiambu District of Kenya.It has recently acquired its own identity, being more of a shopping district of Kambaa Division and an important transport exchange point....
Governance
The Chairman of the Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is Titus Muya, one of the non-executive directors. Peter Munyiri serves as the Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.