- NIC Bank
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NIC Bank Type Public: NSE: NINC Industry Financial Services Founded 1959 Headquarters Nairobi, Kenya Key people J.P.M.Ndegwa, Chairman
James Macharia, Managing DirectorProducts Loans, Savings, Checking, Investments, Debit Cards, Credit Cards Revenue 
Pretax:US$31 million (2010)Total assets US$706 million (2010) Website Homepage NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four (44) commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.[1]
Contents
Overview
NIC Bank is a large financial services provider in East Africa.Headquartered in Nairobi, Kenya, he bank owns subsidiary companies in Kenya and a controlling interest (51% shareholding), in NIC Bank Tanzania, a commercial bank in neighboring Tanzania. As of December 2010[update], NIC Bank's asset base was valued at over US$706 million (KES:59 billion), with shareholder's equity of over US$88 million.[2]
History
The bank was founded in 1959 as a joint venture by Standard Bank Limited and Mercantile Credit Company Limited, both headquartered in the United Kingdom at that time. NIC was initially a non-bank financial institution (NBFI). In 1971, NIC became a public company, by listing on the Nairobi Stock Exchange, where it still trades today under the symbol: NNIC.
In 1995, the Central Bank of Kenya required all NBFIs in the country to either convert to fully fledged commercial banks or close shop. NIC applied for and was granted a banking license that same year. In 1997, NIC Bank merged with African Mercantile Bank Limited (AMBank), a Kenyan financial institution.[3] In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank with approximately US$30 million in assets and approximately US$5 million in shareholder's equity at the time.[4][5] As of March 2011[update], Savings and Finance Commercial Bank has rebranded to NIC Bank Tanzania.[6]
NIC Group
NIC Bank together with its subsidiaries, which it owns, either wholly or partially, form the NIC Group of Companies or the NIC Group. Members of the group include:[7]
- NIC Bank - Retail banking - Nairobi, Kenya
100% Shareholding - NIC Capital - Investment banking - Nairobi, Kenya 100% Shareholding
- NIC Capital Securities - Securities brokerage - Nairobi, Kenya - 100% Shareholding
- NIC Bank Tanzania - Retail banking - Dar es Salaam, Tanzania
51% Shareholding
Ownership
The stock of NIC Bank is listed on the Nairobi Stock Exchange, where it trades under the symbol: NINC. The detailed shareholding in the company stock is not widely known at this time.
Board of directors
The activities of NIC Bank are directed by a ten-person Board of Directors. J.P.M.Ndegwa, one of the non-Executive directors, serves as Chairman.[8]
Management
James Macharia is the Managing Director of the bank. He is assisted by seven (7) other Senior Managers in supervising the day-to-day activities of NIC Bank.[9]
Branch Network
The bank maintains branches at the following locations:[10]
- Main Branch - NIC House, Masaba Road, Nairobi
- NIC House Service Centre – Masaba Road, Nairobi
- City Centre Branch - Prudential Building, Wabera Street, Nairobi
- Harambee Avenue Branch - Jeevan Bharat Building, Harambee Avenue, Nairobi
- 20th Century Service Centre – Mama Ngina Street, Nairobi
- Westlands Branch - Westlands Mall - Westlands, Nairobi
- Junction Branch - Ngong Road, Nairobi
- Prestige Plaza Branch – Ngong Road, Nairobi
- Harbour House Branch – Moi Avenue, Mombasa
- Nkrumah Road Branch - NSSF Building, Nkrumah Road, Mombasa
- Nyali Branch – Nakumatt Complex, Nyali, Mombasa
- Nakuru Branch - Vickers Building, Kenyatta Avenue, Nakuru
- Thika Branch - Thika Arcade, Kenyatta Avenue, Thika
- Kisumu Branch - Oginga Odinga Street, Kisumu
External links
- Website of NIC Bank
- Website of Central Bank of Kenya
- Website of Savings and Finance Commercial Bank
- Company Profile At Google Finance
See also
- List of banks in Kenya
- List of banks in Africa
- Central Bank of Kenya
- Economy of Kenya
References
- ^ List of Licensed Commercial Banks In Kenya
- ^ December 2010 Financial Report
- ^ History of NIC Bank
- ^ NIC Bank Acquires 51% Shareholding In SFCB
- ^ Bank of Tanzania Approves NIC Bank Takeover
- ^ List of Licensed Commercial Banks In Tanzania
- ^ Member Companies of the NIC Group
- ^ Directors of NIC Bank Board
- ^ The Senior Management Team At NIC Bank
- ^ Branches of NIC Bank
Categories:- Banks of Kenya
- Companies of Kenya
- Economy of Kenya
- Companies established in 1959
- Nairobi
- Companies listed on the Nairobi Stock Exchange
- NIC Bank - Retail banking - Nairobi, Kenya
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