Commercial Bank of Africa

Commercial Bank of Africa

Industry	Banking
Founded	1962
Headquarters	Upper Hill, Nairobi, Kenya
Key people	Mirabeau Da Gama Rose, Chairman Isaac Awuondo, Managing Director
Products	Loans, credit cards, savings, investments, mortgages
Total assets	US$659+ million (2009)
Employees	370+
Website	Homepage

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.^[1]

Overview

As of December 2009^[update], it was one of the largest commercial banks in Kenya with assets of approximately US$659 million.^[2] 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.^[3]

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) - Nairobi, Kenya - 100% Shareholding
• Commercial Bank of Africa (Tanzania) - Dar es Salaam, Tanzania - 100% Shareholding

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.^[4]

History

The bank was founded in 1962 in Dar es Salaam, 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 Kenyan investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.^[5]

Ownership

Commercial Bank of Africa is privately owned by twenty-six (26) investors including the family of the late Jomo Kenyatta, Kenya's first president.^[6]

Branch network

As of July 2011^[update], CBA maintains branches at the following locations: ^[7]

1. Head Office Upper Hill, Nairobi
2. Industrial Area Branch - TimSales Complex, Enterprise Road, Nairobi
3. Wabera Street Branch - Corner of Wabera Street & Standard Street, Nairobi
4. Westlands Branch - Woodvale Grove, Westlands, Nairobi
5. International House Branch - Mama Ngina Street, Nairobi
6. Hilton Hotel Branch - Nairobi Hilton Hotel, Watalii Street, Nairobi
7. Mamlaka Road Branch - AON Minet Building, Mamlaka Road, Nairobi
8. Airport Branch - Cargo Handling Facility, Jomo Kenyatta International Airport, Nairobi
9. Mombasa Road Branch - Parkside Towers, Mombasa Road, Nairobi
10. Gigiri Branch - Limuru Road, Gigiri, Nairobi
11. Mombasa Main Branch - Commercial Bank Building, Moi Avenue, Mombasa
12. Bamburi Beach Branch - Mombasa-Malindi Road, Mombasa
13. Diani Branch - Diani Shopping Centre, Diani, Mombasa
14. Meru Branch - Alexander Building, Moi Avenue, Meru
15. Changamwe Branch - Changamwe, Mombasa^[8]
16. Galleria Branch - The Galleria Mall, Langata Road, Karen, Nairobi
17. Nakuru Branch - CBA Center, Kenyatta Avenue, Nakuru

Governance

The Chairman of the Board of Directors is Mirabeau Da Gama Rose, one of the non-executive directors. Isaac Awuondo serves as the Managing Director.^[9]

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)
• CBA Group
• List of banks in Kenya
• Central Bank of Kenya
• Economy of Kenya

References

1. ^ List of Licensed Commercial Banks in Kenya
2. ^ Estimated Asset Valuation CBA (Kenya) December 2009
3. ^ About CBA
4. ^ Consolidated Balance Sheet December 2009
5. ^ History of CBA
6. ^ Shareholding In CBA
7. ^ Branches of CBA
8. ^ Bank Increases Outlets In Mombasa
9. ^ Directors of CBA