Jamii Bora Bank
Encyclopedia
Jamii Bora Bank , is a commercial bank
in Kenya
. It is one of the forty-four (44) commercial banks licensed by the Central Bank of Kenya
, the national banking regulator.
, by fifty (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. Baraka Africa Fund (BAF), and other individual investors own a stake in Jamii Bora Bank.
{| style="font-size:100%;"
|-
| width="100%" align="center" | Jamii Bora Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||900 Former CFB Investors||11.0
|-
|2||Jamii Bora Trust||13.5
|-
|3||Scandinavian Group||21.5
|-
|4||Baraka Africa Fund||8.0
|-
|5||Asterisk Holdings||46.0
|-
| ||Total||100.00
|-
|}
. The main branch is located in Nairobi
, Kenya's capital city.
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) commercial banks licensed 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 national banking regulator.
History
The bank was founded, as a Charitable TrustCharitable trust
A charitable trust is an irrevocable trust established for charitable purposes, and is a more specific term than "charitable organization".-United States:...
, by fifty (50) destitute families on the streets of Nairobi
Nairobi
Nairobi 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...
, 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. Baraka Africa Fund (BAF), and other individual investors own a stake in Jamii Bora Bank.
Assets
it was estimated that the total asset valuation of the bank, after the merger with City Finance Bank was in excess of US$60 million (KES:5 billion). As of November 2011, the shareholders' equity in Jamii Bora Bank was approximately US$10 million (KES:900 million).Ownership
Jamii Bora Bank is privately owned. A rights issue of US$4 to 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. The major shareholders in the stock of the bank, as of November 2011 are listed in the table below:{| style="font-size:100%;"
|-
| width="100%" align="center" | Jamii Bora Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||900 Former CFB Investors||11.0
|-
|2||Jamii Bora Trust||13.5
|-
|3||Scandinavian Group||21.5
|-
|4||Baraka Africa Fund||8.0
|-
|5||Asterisk Holdings||46.0
|-
| ||Total||100.00
|-
|}
Branches
The bank maintains a network of over one hundred and twenty (120) branches in all provinces of 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...
. The main branch is located in Nairobi
Nairobi
Nairobi 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...
, Kenya's capital city.