Standard Chartered Kenya, whose official name is Standard Chartered Bank Kenya Limited, but is sometimes referred to as Stanchart Kenya, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

. It is a subsidiary of the

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, ...

multinational financial conglomerate headquartered in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

, known as

Standard Chartered Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 9 ...

. Stanchart Kenya is one of the banks licensed by the

Central Bank of Kenya The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator, in the largest economy in the

East African Community The East African Community (EAC) is an intergovernmental organisation composed of seven countries in the Great Lakes region of East Africa: the Democratic Republic of the Congo, the United Republic of Tanzania, the Republics of Kenya, Burundi, ...

. Standard Chartered Kenya is a large financial services provider in Kenya. , 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). At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country.

History

According to the website of the

, the

Standard Bank of British South Africa The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered. History The bank was incorporated in London on 15 October 1862 as Standard ...

received its commercial banking license in 1910 to start banking operations in

British East Africa East Africa Protectorate (also known as British East Africa) was an area in the African Great Lakes occupying roughly the same terrain as present-day Kenya from the Indian Ocean inland to the border with Uganda in the west. Controlled by Britai ...

. In January 1911, it opened its first two branches, one in the national capital,

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

, and another in the port city of

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of the British East Africa, before Nairobi was elevated to capital city status. It now serves as the capital of Mombasa County. The town is ...

. In 1969, the bank's name was changed to Standard Chartered Bank of Kenya when its

parent company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

, the ''

Standard Bank of South Africa Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. History ...

'', merged with the

Chartered Bank of India, Australia and China The Chartered Bank of India, Australia and China (informally The Chartered Bank) was a bank incorporated in London in 1853 by Scotsman James Wilson, under a Royal Charter from Queen Victoria.

forming the

Standard Chartered Bank Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around ...

. In 1987, Standard Chartered sold all its shareholding in Standard Bank of South Africa, entirely divesting from the group. The

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

of Standard Chartered Kenya was listed on the

Nairobi Securities Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...

(NSE) in 1989, offering 21 million shares to the public. This was the largest single placing at the NSE at the time. , the bank had a network of 34 branches, 90

Automated Teller Machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...

s (ATMs) and nearly 1,700 employees.

Ownership

The

of the bank is listed on the

Nairobi Stock Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...

, where it trades under the symbol:''SCBK''. The shareholding in the bank is summarized in the table below:

Subsidiaries

In 2006, Standard Chartered Kenya acquired 25% shareholding in ''First Africa Capital'', a financial services advisory company with headquarters in

and offices in

and

Johannesburg Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Demo ...

, co-founded by

Wanjiku Mugane Caroline Wanjiku Mugane is an attorney and investment banker in Kenya, the largest economy in the East African Community. She is the managing director of ''Fedha Connect Limited'', a company that raises capital for businesses in agribusiness, real ...

, a Kenyan attorney and investment banker, who served as its

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. In 2009, Standard Chartered acquired 100% of First Africa

, 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.

References

{{Standard Chartered Standard Chartered Banks of Kenya 1910 establishments in Kenya Banks established in 1910 Companies listed on the Nairobi Securities Exchange Companies based in Nairobi

History

Ownership

Subsidiaries

See also

References