• Source: 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.




Location


The headquarters of the bank are located at Kingdom Towers (formerly Jamii Bora Towers), along Argwings Kodhek Road, in Kilimani, Nairobi, approximately 6 kilometres (4 mi), by road, west of the city centre. 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).




History


The bank was founded, as a Charitable Trust, by fifty 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.
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.




Assets


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




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. On 7 August 2020, Cooperative Bank received all the necessary regulatory approvals to acquire 90 percent shareholding in Jami Bora Bank. On 25 August 2020, the bank re-branded to Kingdom Bank Kenya Limited.




Branches


As of August 2020, the bank maintained a network of branches at the following locations:

Koinange Branch - Jamii Bora House, Muindi Mbingu Street, Nairobi
Ongata Rongai Branch: Ongata Rongai, Nairobi
Thika Branch: Kenyatta Avenue, Thika
Kikuyu Branch: Brick House, Kikuyu
Kisumu Branch: Mega Plaza, Oginga Odinga Street, Kisumu
Kayole Branch: Kayole, Nairobi
Nyeri Branch: Naivas Mall, Nyeri
Mtwapa Branch - Mtwapa
Mombasa Branch: Southern House, Moi Avenue, Mombasa
Kawangware Branch: Mbugua Plaza Junction, Kawangware, Nairobi
Kilimani Branch: Jamii Bora House, Argwings Kodhek Road, Nairobi
Kirinyaga Road Branch: Kirinyaga Road, Nairobi
Kitengela Branch: Kitengela
Kiambu Branch: Kiambu
Wangige Branch: Wanie, Kiambu County
Utawala Branch: Utawala, Nairobi
Nakuru Branch: Nakuru
Kisii Branch: Kisii




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.




See also


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




References






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

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