Development Bank of Kenya

Development Bank of Kenya

Industry	Financial services
Founded	1963
Headquarters	Loita Street, Nairobi, Kenya
Key people	H.K.Mengech, Chairman Victor Kidiwa, CEO
Revenue	Aftertax: US$1.6 million (2009)[1]
Total assets	US$97 million (2009)
Website	Homepage

Development Bank of Kenya (DBK), is a commercial bank in Kenya. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya, the national banking regulator.^[2]

Overview

DBK is a medium-sized financial institution providing an array of financial services to both individuals and businesses. As of December 2009^[update], the total asset valuation of the bank was in excess of US$97 million, with shareholder's equity in excess of US$16 million.^[3]

History

Development Bank of Kenya was established in 1963 as a non-banking financial institution. Its primary focus at that time was to promote and develop commercially viable projects in Kenya. In 1964, DBK began financing development projects as a Development Finance Institution (DFI). As part of the banking reforms of 1996, DBK converted to a commercial bank and began accepting customer deposits.^[4]

Ownership

Shareholding in DBK at its inception included (a) the Government of Kenya, through the Industrial and Commercial Development Corporation (ICDC), (b) the British Government, through Commonwealth Development Corporation (CDC) and (c) the Government of Germany, through the German Investment Corporation (DEG).

In 1967, the Dutch Government, through the Netherlands Development Finance Company (FMO), became the fourth shareholder. In 1981, the World Bank, through the International Finance Corporation (IFC), became the fifth shareholder. Over the years, the non-Kenyan shareholders have divested from the bank and shareholding in DBK is as depicted in the table below:^[5]

Development Bank of Kenya Stock Ownership

Rank Name of Owner Percentage Ownership 1 Industrial and Commercial Development Corporation (ICDC) 89.3 2 Transcentury Limited 10.7 Total 100.00 Branch network As of October 2010[update], the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has one branch on the ground floor of its headquarters building.[6] Main Branch - Finance House, Loita Street, Nairobi External links Website of Development Bank of Kenya Website of Central Bank of Kenya See also List of banks in Kenya Central Bank of Kenya Economy of Kenya References ^ Audited 2009 Aftertax Income ^ List of Licensed Commercial Banks In Kenya ^ December 2009 Financial Statement ^ History of DBK ^ Shareholding In Development Bank of Kenya ^ Addresses of Kenyan Commercial Banks