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Standard Chartered Kenya

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Standard Chartered Bank Kenya
Company typePublic
KN:SCBK
IndustryFinancial services
Founded1910(1910)
HeadquartersNairobi,Kenya
Key people
Patrick Obath (chairperson),[1]Kariuki Ngari (chief executive officer)[2]
ProductsLoans,transaction accounts,savings,investments,debit cards
RevenueIncreaseAftertax: US$108.7 million (KES:9.26 billion) (2013)[3][4]
Total assetsUS$2.539 billion (KES:220.39 billion) (2013)
Number of employees
1,040+ (2011)
ParentStandard Chartered
Websitewww.sc.com/ke

Standard Chartered Kenya,whose official name isStandard Chartered Bank Kenya Limited,but is sometimes referred to asStanchart Kenya,is acommercial bankinKenya.It is a subsidiary of theBritishmultinational financialconglomerateheadquartered inLondon,United Kingdom,known asStandard Chartered.Stanchart Kenya is one of the banks licensed by theCentral Bank of Kenya,thecentral bankand national banking regulator, in the largest economy in theEast African Community.[5]

Standard Chartered Kenya is a large financial services provider in Kenya. As of December 2013,the bank's total assets were valued at about US$2.539 billion (KES:220.39 billion), with shareholders' equity of about US$417.1 million (KES:36.2 billion).[6]At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country.[7]

History

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According to the website of theCentral Bank of Kenya,theStandard Bank of British South Africareceived its commercial banking license in 1910 to start banking operations inBritish East Africa.In January 1911, it opened its first two branches, one in the national capital,Nairobi,and another in the port city ofMombasa.[8][9]

In 1969, the bank's name was changed to Standard Chartered Bank of Kenya when itsparent company,theStandard Bank of South Africa,merged with theChartered Bank of India, Australia and Chinaforming theStandard Chartered Bank.In 1987, Standard Chartered sold all its shareholding in Standard Bank of South Africa, entirely divesting from the group.[10]

Thestockof Standard Chartered Kenya was listed on theNairobi Securities Exchange(NSE) in 1989,[11]offering 21 million shares to the public. This was the largest single placing at the NSE at the time. As of August 2014,the bank had a network of 34 branches, 90automated teller machinesand nearly 1,700 employees.

Ownership

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Thestockof the bank is listed on theNairobi Stock Exchange,where it trades under the symbol:SCBK.The shareholding in the bank is summarized in the table below:[12]

Stanchart Kenya Stock Ownership
Rank Name of Owner Percentage Ownership
1 Standard Chartered Group 74.00
2 32,000+ Institutional & Individual Investors on theNairobi Stock Exchange 26.00
Total 100.00

Subsidiaries

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In 2006, Standard Chartered Kenya acquired 25% shareholding inFirst Africa Capital,a financial services advisory company with headquarters inNairobiand offices inLondonandJohannesburg,co-founded byWanjiku Mugane,a Kenyan attorney and investment banker, who served as itsCEO.In 2009, Standard Chartered acquired 100% of First Africastock,renaming the company Standard Chartered Securities (SCS), to reflect the new ownership. Caroline Wanjiku Mugane served as the Chief Executive Officer at SCS from 2006 until Standard Chartered Bank closed the subsidiary in 2013.[13]

See also

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References

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  1. ^Juma, Victor (1 November 2012)."Kiboro Exits StanChart for Top Role At Family Bank".Business Daily Africa(Nairobi).Retrieved4 August2014.
  2. ^Juma, Victor (11 December 2013)."Etemesi Moves To StanChart South Africa As CEO".Business Daily Africa(Nairobi).Retrieved4 August2014.
  3. ^Herbling, David (25 March 2014)."StanChart overtakes Barclays With 14.8% Growth In Earnings".Business Daily Africa(Nairobi).Retrieved4 August2014.
  4. ^"StanChart Posts USh9.3 Billion Net Profit, Pulls Ahead of Cooperative Bank".Business Daily Africa(Nairobi).25 March 2014.Retrieved4 August2014.
  5. ^"Directory of Commercial Banks And Mortgage Finance Companies"(PDF).Central Bank of Kenya.Retrieved5 August2014.
  6. ^"Standard Chartered Bank Kenya Limited Consolidated Full Year Financial Statements And Disclosures 31 December 2013"(PDF).Standard Chartered Bank Kenya Limited.Retrieved5 August2014.
  7. ^"Kenya Bank Rankings By Assets 2013. As at 2015 the CEO is Mr. Caleb Mugendi".Bankelele.Co.Ke. 28 April 2014.Retrieved5 August2014.
  8. ^"A History of Banking In Kenya: From The 1800s To The 1900s".Kenya Bankers' Association © 2013 Kenya Bankers Association. Archived fromthe originalon 12 May 2014.Retrieved5 August2014.
  9. ^"Standard Bank of South Africa (Later The Standard Bank Limited)".AIM25.London:Standard Bank of British South Africa Limited.Retrieved2015-10-06.
  10. ^"Standard Bank: Our History In Africa".Standard Bank of South Africa.Archived fromthe originalon 28 May 2008.Retrieved5 August2014.
  11. ^"History of Standard Chartered Kenya".Standard Chartered Bank Kenya.Retrieved5 August2014.
  12. ^"Shareholding In Standard Chartered Kenya".Standard Chartered Bank Kenya.Retrieved5 August2014.
  13. ^Omondi, Michael (27 October 2013)."StanChart Shuts Down Corporate Advisory Unit".Business Daily Africa(Nairobi).Retrieved26 November2014.


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