Diamond Trust Bank Group

Diamond Trust Bank Group, in short DTB Group, is an African banking group active in Burundi, Kenya, Tanzania, and Uganda. The flagship company of the group, Diamond Trust Bank Kenya, is licensed by the Central Bank of Kenya, the central bank and national banking regulator in Kenya, the largest economy in the East African Community.[1]

Not to be confused with Diamond Bank of Nigeria.
Diamond Trust Bank Group
TypePublic
KN: DTK
IndustryBanking
Founded1945
HeadquartersDTB Centre
Mombasa Road
Nairobi, Kenya
Key people
Linus Gitahi
Chairman
Nasim Devji
Group CEO
ProductsBanks, mortgages investments
RevenueUS$367 million (KES:40.21 billion) (2021)
Total assetsUS$4.166+ billion (KES:456.84 billion) (2021)
Websitewww.dtbafrica.com

Location

DTB Group's main offices are located at Diamond Trust Bank Centre (DTBC), along Mombasa Road in Nairobi, Kenya.

Overview

The flagship of DTB Group is Diamond Trust Bank (Kenya), which was founded in 1946. As of December 2013, the group is ranked the eighth largest commercial bank, by assets, out of 43 licensed banks in Kenya.[2] At that time, the group's total assets were approximately US$1.924 billion (KES:166.52 billion), with shareholders' equity of about US$242.1 million (KES:20.95 billion).[3] As of 2018, it ranked 5th.[4]

The group works in collaboration with the Habib Bank of the Aga Khan Fund for Economic Development and the International Finance Corporation of the World Bank. In July 2017, the Diamond Trust Bank Group acquired 100% ownership of the former "Habib Bank Kenya". The new acquisition merged with Diamond Trust Bank Kenya, effective 1 August 2017.[5] As part of the new acquisition, DTB Group has agreed to retain 41 former Habib Bank employees.[6]

Member companies

DTB Group includes the following companies:

Subsidiaries
  1. Diamond Trust Bank (Kenya) Limited - Retail banking - Nairobi, Kenya Kenya 100% Shareholding - A commercial bank in Kenya, serving individuals and businesses. This is the flagship company of the group,[5] accounting for 6.4% of banking assets in Kenya, as at December 2016.[7]
  2. Diamond Trust Bank (Uganda) Limited - Retail banking - Kampala, Uganda Uganda 54.1% Shareholding - A commercial bank in Uganda, serving both individuals and businesses.
  3. Diamond Trust Bank (Tanzania) Limited - Retail banking - Dar es Salaam, Tanzania Tanzania 62.9% Shareholding - A commercial bank in Tanzania, serving both individuals and businesses.
  4. Diamond Trust Bank (Burundi) Limited - Retail banking - Bujumbura, Burundi Burundi 67.3% Shareholding - A commercial bank in Bujumbura, serving individuals and businesses.
  5. Diamond Trust Insurance Agency Limited - Bancassurance - Nairobi, Kenya Kenya 100% Shareholding - This unit offers Bancassurance services.
  6. Diamond Trust Bank (Rwanda) Limited - Retail banking - Kigali, Rwanda Rwanda - In development.[8][9]
  7. Premier Savings and Finance Limited - Dormant - Nairobi, Kenya Kenya 100% Shareholding.

Associates companies to the group
  • Jubilee Insurance Company of Burundi - Insurance - Bujumbura, Burundi - 20% Shareholding - An insurance company in Burundi. A member of Jubilee Insurance Company Limited. Jubilee Insurance which shares a common shareholder with Diamond Trust Bank (i.e. AKFED) holds 80 percent of the venture.
  • Services and Systems Limited - Dormant]] - Nairobi, Kenya - 40 percent Shareholding.

Ownership

The shares of the Diamond Trust Bank Group are listed on the Nairobi Stock Exchange. As of July 2017, the major shareholders in the Group's stock, are depicted in the table below:[10]

Diamond Trust Bank Group Stock Ownership
RankName of OwnerPercentage Ownership
1Aga Khan Fund for Economic Development (AKFED)16.50
2HBL Pakistan of Pakistan part of AKFED16.15
3Jubilee Insurance company of Kenya part of AKFED9.95
4Standard Chartered Nominees A/C Ke189722.78
5Standard Chartered Nominee A/C Ke18965 2.23
6The Diamond Jubilee Investment Trust (U) Limited, a subsidiary of AKFED1.37
7Others via Nairobi Securities Exchange51.02
Total100.00

Criminal Summons In Uganda

In September 2021, DTB Group Top Management including the Aga Khan, Nasim Devji Mohamed,the group Chief Executive Officer, Varghese Thambi the DTB Uganda Managing Director and John Sitakange the head of credit for DTB Uganda were summoned in Uganda by the Buganda Road Magistrates Court to retort charges of theft, electronic fraud, making fabricated entries in financial ledgers, computer misuse, emitting false documents and conspiracy to commit crime in contravention of; section 254 of the Penal Code Act Cap 120, section 47 (1) and (3) of the financial Institutions Act of 2004, section 19 of the computer misuse Act, section 351 of the Penal Code Act 120 and section 360 of Penal Code Act 120 of the Constitution of Uganda following the Bank's Conviction of fraud by the High Court in Uganda in a civil suite 43 of 2020 filed by Hamis Kiggundu after the bank had defrauded over $30Million from his bank accounts.[11] [12][13]

Branch network

As of August 2014 DTB Group maintains a total of nearly 100 branches in the East African countries where it operates.[14] In May 2012, Kenyan press reports indicated that the group planned expansion into Rwanda, the Democratic Republic of the Congo, Mozambique and South Sudan by 2020.[15]

See also

References
  1. "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 12 August 2014.
  2. "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 12 August 2014.
  3. "Audited 31 December 2013 Financial Statements And Other Disclosures" (PDF). Diamond Trust Bank Group. 3 March 2014. Retrieved 12 August 2014.
  4. Michael Ollinga, Oruko (22 August 2018). "Largest Banks in Kenya". Tuko. Retrieved 14 September 2019.
  5. Ngunjiri, James (28 July 2017). "Habib Bank ceases to exist after 61 years as DTB completes buyout". Business Daily Africa. Nairobi. Retrieved 28 July 2017.
  6. Ngugi, Brian (30 July 2017). "Watchdog orders DTB to keep 41 Habib jobs". The EastAfrican. Nairobi. Retrieved 30 July 2017.
  7. BDA Reporter (2 August 2017). "Habib Bank deal lifts DTB market share to 6.4 percent". Business Daily Africa. Nairobi. Retrieved 3 August 2017.
  8. Business Times, Correspondent (15 August 2009). "Kenya's Diamond Trust Bank To Extend To Rwanda". The New Times (Kigali). Retrieved 12 August 2014. {{cite web}}: |last= has generic name (help)
  9. Herbling, David (4 March 2014). "DTB Charts New Expansion Path for Kenya Banks". Business Daily Africa (Nairobi). Retrieved 12 August 2014.
  10. "Diamond Trust Bank Group: Shareholder Circular" (PDF). Diamond Trust Bank Group. 8 May 2017. Retrieved 29 July 2017.
  11. "Ugandan Court Summons Prince Shah Karim Al-Husayni & Others". allAfrica.com. 2021-09-22. Retrieved 2021-09-22.
  12. "Ham Enterprises Ltd and 2 Others v Diamond Trust Bank (U) Ltd (Civil Application-2020/313) [2021] UGCA 5 (27 January 2021); | Ulii". ulii.org. Retrieved 2021-09-22.
  13. "Ham wins sh41b court case". New Vision. Retrieved 2021-09-22.
  14. Irungu, Geoffrey (11 March 2011). "Diamond Trust Profit Hits KSh2.5 Billion". Business Daily Africa (Nairobi). Retrieved 12 August 2014.
  15. "DTB Gears Up for Rights Issue To Drive Regional Expansion". Daily Nation (Nairobi). 4 May 2012. Retrieved 12 August 2014.
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