Middle East Bank Kenya

Middle East Bank Kenya

Industry	Financial services
Founded	1981
Headquarters	Mebank Tower, Milimani Street Nairobi, Kenya
Key people	A.A.K. Esmail, Chairman Philip Ilako, Managing Director
Total assets	US$43 million (Q1:2010)
Website	Homepage

Middle East Bank Kenya (MEBK),^[1] whose full name is Middle East Bank Kenya Limited, is a commercial bank in Kenya. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya.^[2]

Overview

The bank is a small but growing retail bank, that focuses on meeting the needs of large corporations and high net-worth individuals. As of December 2009^[update], the bank was ranked number thirty-nine (39), by assets, out of a total of forty-four (44) commercial banks in Kenya.^[3] In March 2010, the total asset valuation of the bank was about US$43 million (KES:3.6 billion), with shareholders' equity of approximately US$11 million (KES:0.93 billion).^[4]

History

Middle East Bank Kenya started operations in Kenya in August 1981, after receiving a banking licence from the Central Bank of Kenya, the national banking regulator. The initial shareholders in the bank were the Al-Futtaim Group, affiliated with the Middle East Bank Group of United Arab Emirates. In 1991, the Al-Futtaim Group divested from the bank, leaving shareholding in Kenyan hands. In 1995, Banque Belgolaise SA, a Belgian financial institution acquired 25% shareholding in Middle East Bank Kenya, becoming the single largest shareholder. As a result of multiple bank mergers and acquisitions, that 25% shareholding subsequently came to be owned by BNP Paribas Fortis. 75% shareholding remains in private Kenyan hands.^[5]

Ownership

The shares of stock of Meddle East Bank Kenya are privately held. The largest single shareholder, with 25% shareholding, is BNP Paribas Fortis, a Belgian financial services provider that is a subsidiary of BNP Paribas, a French banking conglomerate that is the largest banking group in the world. Shareholding in Meddle East Bank is depicted in the table below:

Middle East Bank Kenya Stock Ownership

Rank Name of Owner Percentage Ownership 1 BNP Paribas Fortis of Belgium 25.00 2 Institutional and Individual Kenyan Investors 75.00 Total 100.00 Branch network As of November 2010[update], the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has two branches; one in Nairobi and another in Mombasa, Kenya's second-largest city. [6] Main Branch - Mebank Tower, Milimani Road, Nairobi Mombasa Branch - Nyerere Avenue, Mombasa External links Website of Middle East Bank Kenya Website of Central Bank of Kenya Addresses of Major Kenyan Commercial Banks See also List of banks in Kenya Central Bank of Kenya Economy of Kenya References ^ MEBK Is Acronym For Middle East Bank Kenya Limited ^ List of Licensed Commercial Banks In Kenya ^ December 2009 Rankings of Kenyan Commercial Banks By Assets ^ Interim March 2010 Quarterly Financial Statement ^ History of Middle East Bank Kenya ^ Branches of Middle East Bank