Middle East Bank (Kenya)
[1]Middle East Bank Kenya is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]
| Type | Private |
|---|---|
| Industry | Banking |
| Founded | 1981 |
| Headquarters | Mebank Tower Jakaya Kikwete Road Nairobi, Kenya |
Key people | A.A.K. Esmail (Chairman), Isaac N. Mwige (Managing Director) |
| Total assets | US$ 100m (Kes 11.02 billion) (2020) |
| Website | www |
The bank is a small retail bank, that focuses on meeting the needs of large corporations and high-net-worth individuals. As of December 2013, the bank was ranked number 41, by assets, out of a total of 43 commercial banks in Kenya.[3] as of December 2020, the bank's total assets were valued at about US$100 million (KES:11.02 billion), with shareholders' equity of approximately US$13 million (KES:1.124 billion).[4]
History
Middle East Bank Kenya Ltd started operations in Kenya in August 1981, after receiving a banking license from the Central Bank of Kenya, the national banking regulator.[5] 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.[6]
In 1995, Banque Belgolaise, 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.[7]
Ownership
The shares of stock of Middle 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:
| 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 December 2020, the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has three branches; two in Nairobi and another in Mombasa, Kenya's second-largest city.[8]
References
- "Middle East Bank Kenya Ltd - Yellow Pages Online Directory". Yellow Pages Kenya. Yellow Pages Kenya.
- "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 6 August 2014.
- "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 6 August 2014.
- "Audited Financial Statements And Other Disclosures As At 31 December 2012". Middle East Bank Kenya. Archived from the original on 10 August 2014. Retrieved 6 August 2014.
- "Middle East Bank Branches | Middle East Bank Branches Kenya | Middle East Bank". www.banks-kenya.com. Retrieved 2020-01-23.
- "Middle East Bank Kenya Q3 Earnings Jump to KSh 70.1 Million". Kenyan Wallstreet. 2019-11-27. Retrieved 2020-01-23.
- "History of Middle East Bank Kenya". Middle East Bank Kenya. Retrieved 6 August 2014.
- "The Branches of Middle East Bank Kenya". Middle East Bank Kenya. Archived from the original on 8 August 2014. Retrieved 6 August 2014.
