Chase Bank (Kenya)
Encyclopedia
Chase Bank (CBK), is a commercial bank
in Kenya
. The bank serves the banking needs of individuals, small businesses and large corporations. It is one of the forty-four (44) licensed commercial banks in the country.
, with an estimated asset valuation of US$200 million, as of March 2010. At the time, shareholder's equity was valued at about US$16 million. , Chase Bank (Kenya), was ranked 22nd in size by assets, out of 44 commercial banks operating in Kenya. It is one of three Kenyan commercial banks which partner with Universal Payment Services (UPS), a software services company from the middle east
, for processing of their credit card payments.
, approximately 330 kilometres (205.1 mi), by road, northwest of Nairobi
, Kenya's capital and largest city. Then, United Bank (Kenya) was in receivership and was under statutory administration by the Central Bank of Kenya
, the country's banking regulator. Its paid-up capital, then, was approximately US$970,000 and it had an asset base valued at approximately US$1.9 million.
In 1996, the bank opened for business under the new owners who rebranded to its present name. In 1997, a decision was made to relocate the bank's only branch at the time, from Kisumu to Nairobi. Over the years, Chase Bank (Kenya) has progressively improved its bottom line by growing its customer base and increasing its profitability.
. Osman Murgian, one of the non-Executive Directors is the Chairman of the Board
. Zafrullah Khan serves as the Managing Director. Duncan Kabui, serves as the Chief Executive Officer
, a non-board position at this institution.
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...
. The bank serves the banking needs of individuals, small businesses and large corporations. It is one of the forty-four (44) licensed commercial banks in the country.
Overview
Chase Bank (Kenya) is a medium-sized financial services provider 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...
, with an estimated asset valuation of US$200 million, as of March 2010. At the time, shareholder's equity was valued at about US$16 million. , Chase Bank (Kenya), was ranked 22nd in size by assets, out of 44 commercial banks operating in Kenya. It is one of three Kenyan commercial banks which partner with Universal Payment Services (UPS), a software services company from the middle east
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
, for processing of their credit card payments.
History
In 1995, several businesspeople acquired a 60% state in United Bank (Kenya), after paying approximately US$1.23 million (Kenya Shillings 95 million). At that time the bank's headquarters were located in the western town of KisumuKisumu
Kisumu 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...
, approximately 330 kilometres (205.1 mi), by road, northwest 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. Then, United Bank (Kenya) was in receivership and was under statutory administration 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. Its paid-up capital, then, was approximately US$970,000 and it had an asset base valued at approximately US$1.9 million.
In 1996, the bank opened for business under the new owners who rebranded to its present name. In 1997, a decision was made to relocate the bank's only branch at the time, from Kisumu to Nairobi. Over the years, Chase Bank (Kenya) has progressively improved its bottom line by growing its customer base and increasing its profitability.
Ownership
, Chase Bank (Kenya) is a privately held company whose owners are not publicly known.Branch Network
The bank maintains a network of branches at the following locations:- City Center Branch - Wabera 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...
- Manager: Serah Murimiri - Village Market Branch - Village 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...
- Branch Manager: Zoreen Abdullah - Hurlingham Branch - Argwings Kodhek 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...
- Branch Manager: Hana Kimemia - Eastleigh Branch - 1st Avenue, Eastleigh, NairobiEastleigh, NairobiEastleigh is a suburb of Nairobi, Kenya. It is located east of the Central business district. Predominantly inhabited by Somali immigrants, it has been described as "Little Mogadishu", as well as "a country within a country with its own economy" on account of its robust business...
- Branch Manager: Ibada Ahmed - Parklands Branch - 3rd Parklands 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...
- Branch Manager: Kartikey Darji - Mombasa Branch - 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....
- Branch Manager: Anthony Muchoki - Riverside Mews Branch - Riverside Drive, 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...
- Branch Manager: Beth Muthui Main Branch - Thika Branch - Kenyatta Avenue, 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...
- Branch Manager: Nancy Gichui - Nakuru Branch - 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...
- Branch Manager: Boniface Mukuria - Donholm Branch - East Gate Shopping Mall, 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...
- Ngara Branch - Peace Plaza, Ngara 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...
- Bondeni Branch - Abdel Nasser 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....
- Kisumu Branch - West Emporium, Oginga Odinga Street, 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...
- Eldoret Branch - Eldoret West, Kisumu Road, 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...
- Branch Manager: Sheila Wakhu
Governance
The bank is governed by a five-person 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...
. Osman Murgian, one of the non-Executive Directors is the Chairman of the Board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
. Zafrullah Khan serves as the Managing Director. Duncan Kabui, serves as the 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...
, a non-board position at this institution.