| Kingdom Bank Limited (Kenya) | |
| Type: | Subsidiary of Cooperative Bank of Kenya |
| Location: | Nairobi, Kenya |
| Key People: | Margaret Karangatha Chairperson Anthony Mburu Chief Executive Office[1] |
| Assets: | KES:12.5 billion (US$117 million) (March 2018) |
| Industry: | Financial services |
| Products: | Loans, Transaction accounts, Savings, Investments, Debit Cards |
| Homepage: | https://www.kingdombankltd.co.ke/ |
Kingdom Bank Limited (Kenya), formerly Jamii Bora Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[2]
The headquarters of the bank are located at Kingdom Towers (formerly Jamii Bora Towers), along Argwings Kodhek Road, in Kilimani, Nairobi,[3] approximately 6km (04miles), by road, west of the city centre. The geographical coordinates of the bank's headquarters are:01°17'35.0"S, 36°47'23.0"E (Latitude:-1.293056; Longitude:36.789722).
The bank was founded, as a Charitable Trust, by fifty destitute families on the streets of Nairobi, Kenya's capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank. In March 2010, Jamii Bora merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high-net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.[4]
In March 2020, Co-operative Bank of Kenya, the country's fourth-largest commercial bank, with nearly 10 percent market share of national banking assets, proposed the acquisition of Jamii Bora Bank.[5]
In March 2018, the bank's total assets were valued at approximately KSh12.5 billion (US$117 million).[6]
Jamii Bora Bank is privately owned. A rights issue of US$4 to 6 million was successfully executed in the 4th quarter of 2010. In November 2011, a new consortium known as Asterisk Holdings, invested KES:410 million (approx:US$4.6 million) in Jamii Bora Bank.[7] Following the acquisition of 90 percent shareholding in the stock of the bank by Cooperative bank of Kenya, the bank ownership was as depicted in the table below, as of August 2020.[8]
| 1 | Asterisk Holdings | 20.08 | 2.01 |
| 2 | ShoreCap II Limited | 15.25 | 1.53 |
| 3 | Jamii Bora Scandinavia AB | 12.17 | 1.22 |
| 4 | Catalyst JBB Holdings LLC | 9.65 | 0.96 |
| 5 | Nordic Micro Cap Investments | 7.04 | 0.70 |
| 6 | Cornerstone Enterprises Limited | 4.69 | 0.47 |
| 7 | ESOP | 4.37 | 0.44 |
| 8 | Other investors | 26.75 | 2.68 |
| 9 | Cooperative Bank of Kenya | 0.00 | 90.00 |
| Total | 100.00 | 100.00 | |
In March 2020, Co-operative Bank of Kenya, the fourth-largest commercial bank in the country, began the process of acquiring 100 percent shareholding in Jamii Bora Bank. The process required regulatory approvals.[5] [9] On 7 August 2020, Cooperative Bank received all the necessary regulatory approvals to acquire 90 percent shareholding in Jami Bora Bank.[10] On 25 August 2020, the bank re-branded to Kingdom Bank Kenya Limited.[1] [11]
, the bank maintained a network of branches at the following locations:[12]
The five-person board of directors is chaired by Margaret Karangatha. Other board members are Gideon Muriuki, the Cooperative Bank Group managing director, Macloud Malonza, Julius Sitienei and Anthony Mburu, the Kingdom Bank CEO.[1] [11]