Commercial Bank of Africa
Encyclopedia
Commercial Bank of Africa (CBA) is a financial services provider headquartered in Nairobi
, Kenya
. CBA is one of the forty-four licensed commercial banks in the country.
s in Kenya with assets of approximately US$659 million. It is the largest privately owned commercial bank in Kenya, according to its website. The bank focuses on serving the banking needs of large corporations, diplomatic missions, NGOs and high-end private clients.
The CBA Group is a large financial services group in East Africa
, with an asset base estimated at over US$830 million, with shareholders' equity of approximately US$87 million.
, Tanzania
. Soon, branches were opened in Nairobi
& Mombasa
, Kenya
and in Kampala
, Uganda
. When Tanzania nationalized private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.
At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland
. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert
, Commerz Bank and Bank of America
. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of Kenya
n investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.
, Kenya's first president.
is Mirabeau Da Gama Rose, one of the non-executive directors. Isaac Awuondo serves as the Managing Director.
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
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...
. CBA is one of the forty-four licensed commercial banks in the country.
Overview
, it was one of the largest commercial bankCommercial 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...
s in Kenya with assets of approximately US$659 million. It is the largest privately owned commercial bank in Kenya, according to its website. The bank focuses on serving the banking needs of large corporations, diplomatic missions, NGOs and high-end private clients.
Commercial Bank of Africa Group
Commercial Bank of Africa (Kenya) is a member of the CBA Group of companies. These include:- Commercial Bank of Africa (Kenya) - 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...
, KenyaKenyaKenya , 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...
- 100% Shareholding - Commercial Bank of Africa (Tanzania)Commercial Bank of Africa (Tanzania)Commercial Bank of Africa ' is a commercial bank in Tanzania. It is one of the twenty-nine banks licensed by the Bank of Tanzania, the country's banking regulator...
- Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
, TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
- 100% Shareholding
The CBA Group is a large financial services group in 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:...
, with an asset base estimated at over US$830 million, with shareholders' equity of approximately US$87 million.
History
The bank was founded in 1962 in Dar es SalaamDar es Salaam
Dar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
, Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. Soon, branches were opened 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...
& Mombasa
Mombasa
Mombasa 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....
, 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...
and in Kampala
Kampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. When Tanzania nationalized private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.
At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert
Bank Bruxelles Lambert
Bank Bruxelles Lambert , part of the ING Group since 1998, was created in 1975 from the merger of Banque de Bruxelles and Banque Lambert. It was the second largest Belgian bank....
, Commerz Bank and Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of 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...
n investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.
Ownership
Commercial Bank of Africa is privately owned by twenty-six (26) investors including the family of the late Jomo KenyattaJomo Kenyatta
Jomo Kenyattapron.] served as the first Prime Minister and President of Kenya. He is considered the founding father of the Kenyan nation....
, Kenya's first president.
Branch network
, CBA maintains branches at the following locations:- Head Office Upper 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...
- Industrial Area Branch - TimSales Complex, Enterprise Road, Nairobi
- Wabera Street Branch - Corner of Wabera Street & Standard Street, Nairobi
- Westlands Branch - 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...
, Nairobi - International House Branch - Mama Ngina Street, Nairobi
- Hilton Hotel Branch - Nairobi Hilton Hotel, Watalii Street, Nairobi
- Mamlaka Road Branch - AON Minet Building, Mamlaka Road, Nairobi
- Airport Branch - Cargo Handling Facility, Jomo Kenyatta International AirportJomo Kenyatta International Airport-Charter airlines:-Cargo airlines:-Other facilities:The Kenya Civil Aviation Authority has its head office in the KAA Complex on the airport property. African Express Airways has its head office on the airport property...
, Nairobi - Mombasa Road Branch - Parkside Towers, Mombasa Road, Nairobi
- Gigiri Branch - Limuru Road, Gigiri, Nairobi
- Mombasa Main Branch - Commercial Bank 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....
- Bamburi Beach Branch - 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....
-MalindiMalindiMalindi is a town on Malindi Bay at the mouth of the Galana River, lying on the Indian Ocean coast of Kenya. It is 120 kilometres northeast of Mombasa. The population of Malindi is 117,735 . It is the capital of the Malindi District.Tourism is the major industry in Malindi. The city is...
Road, Mombasa - Diani Branch - Diani Shopping Centre, Diani, Mombasa
- Meru Branch - Alexander Building, Moi Avenue, 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....
- Changamwe Branch - ChangamweChangamwe- Geography :The area is primarily industrial, with a number of modern concrete tower blocks housing residents. Industries include refineries and various process industries...
, 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.... - Galleria Branch - The Galleria Mall, Langata Road, KarenKaren, KenyaKaren is a suburb of Nairobi in Kenya, lying south west of the city centre.It is generally believed that the suburb is named after Karen Blixen, the Danish author of the colonial memoir Out of Africa; her farm occupied the land where the suburb now stands. Blixen herself declared in her later...
, 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... - Nakuru Branch - CBA Center, 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...
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 Mirabeau Da Gama Rose, one of the non-executive directors. Isaac Awuondo serves as the Managing Director.
External links
- Website of Commercial Bank of Africa (Kenya)
- Website of Commercial Bank of Africa (Tanzania)
- Website of Central Bank of Kenya
See also
- Commercial Bank of Africa (Tanzania)Commercial Bank of Africa (Tanzania)Commercial Bank of Africa ' is a commercial bank in Tanzania. It is one of the twenty-nine banks licensed by the Bank of Tanzania, the country's banking regulator...
- CBA Group
- List of banks in Kenya
- Central Bank of KenyaCentral Bank of KenyaThe 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...
- Economy of KenyaEconomy of KenyaKenya's economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services...