Development Bank of Kenya
Development Bank of Kenya is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]
| Industry | Financial services |
|---|---|
| Founded | 1963 |
| Headquarters | Loita Street, Nairobi, Kenya |
Key people | H.K. Mengech Chairman Victor Kidiwa Chief Executive Officer |
| Revenue |  Aftertax: US$832,200 (KES:71.953 million (2013) |
| Total assets | US$180 million (KES:15.58 billion) (2013) |
| Website | devbank |
Overview
Development Bank of Kenya is a medium-sized financial institution providing an array of financial services to both individuals and businesses. As of December 2013, the total asset valuation of the bank was approximately US$180 million (KES:15.58 billion), with shareholder's equity of about US$21 million (KES:1.822 billion).[2] At that time, the bank was ranked number 26, by assets, among the 43 licensed banks in Kenya.[3]
History
Development Bank of Kenya was established in 1963 as a non-banking financial institution. Its primary focus at that time was to promote and develop commercially viable projects in Kenya. In 1964, it began financing development projects as a development finance institution. As part of the banking reforms of 1996, it converted to a commercial bank and began accepting customer deposits.[4]
Ownership
Shareholding in Development Bank of Kenya at its inception included (a) the Government of Kenya, through the Industrial and Commercial Development Corporation, (b) the British Government, through Commonwealth Development Corporation and (c) the Government of Germany, through the German Investment Corporation. In 1967, the Dutch Government, through the Netherlands Development Finance Company, became the fourth shareholder. In 1981, the World Bank, through the International Finance Corporation, became the fifth shareholder. Over the years, the non-Kenyan shareholders have divested from the bank and shareholding as depicted in the table below:[5]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Industrial and Commercial Development Corporation | 89.3 |
| 2 | TransCentury Investments | 10.7 |
| Total | 100.00 | |
Branch network
As of August 2014, the bank maintains its headquarters in Nairobi, Kenya's capital and largest city. It has one branch on the ground floor of its headquarters building.[6]
- Main branch - Finance House, Loita Street, Nairobi
References
- "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Retrieved 12 August 2014.
- "Audited 31 December 2013 Financial Statement" (PDF). Development Bank of Kenya Limited. March 2014. Retrieved 12 August 2014.
- "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 12 August 2014.
- "Development Bank of Kenya: Historical Background". Development Bank of Kenya Limited. Retrieved 12 August 2014.
- "Development Bank of Kenya Limited: Shareholders". Development Bank of Kenya Limited. Retrieved 12 August 2014.
- "The Addresses of the Headquarters of Kenyan Commercial Banks". ExperienceKenya.Co.Ke. Retrieved 12 August 2014.
