Paramount Universal Bank
Encyclopedia
Paramount Universal Bank (PUB), whose full name is Paramount Universal Bank Limited, but is often referred to as Paramount 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.
, East Africa
's largest economy. In December 2009, the bank was ranked number forty (40), by assets, out of forty-four (44) licensed commercial banks in the country. , the bank was ranked number thirty-eight (38), by assets, out of forty-three (43) commercial banks in the country.
called Combined Finance Limited. The company's share capital at that time was approximately US$300,000 (KES:25 million). In 1995, after increasing its share capital and following the issuance of a commercial banking license, the company rebranded to Paramount Bank Limited, and began banking operations. In 2000, Paramount Bank merged with Universal Bank Limited to form Paramount Universal Bank.
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.
Overview
PUB is a small retail 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. In December 2009, the bank was ranked number forty (40), by assets, out of forty-four (44) licensed commercial banks in the country. , the bank was ranked number thirty-eight (38), by assets, out of forty-three (43) commercial banks in the country.
History
The bank was established in 1993, as a deposit-taking, non-bank financial institutionNon-bank financial institution
A non-bank financial institution is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFIs facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market...
called Combined Finance Limited. The company's share capital at that time was approximately US$300,000 (KES:25 million). In 1995, after increasing its share capital and following the issuance of a commercial banking license, the company rebranded to Paramount Bank Limited, and began banking operations. In 2000, Paramount Bank merged with Universal Bank Limited to form Paramount Universal Bank.
Ownership
, Paramount Universal Bank is a privately held company whose owners are not publicly known.Branch network
The bank maintains a network of branches at the following locations:- Westlands Branch - Sound Plaza, Woodvale Grove, WestlandsWestlandsWestlands is a neighborhood in the city of Nairobi, the capital and largest city in Kenya.-Location:Westlands is located , by road, northwest of the central business district of Nairobi...
, 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 Branch - Parklands Branch - Amani Plaza, 3rd Parklands Avenue, Parklands, NairobiParklands, NairobiParklands, Nairobi, commonly referred to simply as Parklands, is a neighborhood in the city of Nairobi, the capital and largest city in Kenya. It is divided into numbered avenues. The name arises from the proximity of the area to City Park, Nairobi....
- Kimathi House Branch - Kimathi House, City Centre, Nairobi
- Koinange Street Branch - Paramount Bank House, Koinange Street, Nairobi
- Mombasa Branch - Jubilee Building, Moi 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....