NIC Bank
 | |
| Public company | |
| Traded as | NSE: NINC |
| Industry | Financial Services |
| Founded | 1959 |
| Headquarters | Nairobi, Kenya |
Key people |
J.P.M.Ndegwa Chairman John Gachora Group Managing Director[1] |
| Products | Loans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards |
| Revenue |
 |
| Total assets | US$1.308 billion (KES:112.92 billion) (2013) |
Number of employees | 783 (2012) |
| Website |
www |
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[2]
NIC Bank is a large financial services provider in East Africa. Headquartered in Nairobi, Kenya, the bank owns subsidiary companies in Kenya, Uganda and a controlling interest (51% shareholding), in NIC Bank Tanzania, a commercial bank in neighboring Tanzania.
As of September 2017, NIC Bank's total asset base was valued at about US$1.76 Billion (KES 181.86 Billion), with shareholder's equity of approximately US$271.69 Million (KES 28.08 Billion).[3] At that time, the bank was ranked position 10, by assets, out of 43 license banks in the country.[4]
History
The bank was founded in 1959 as a joint venture by Standard Bank Limited and Mercantile Credit Company Limited, both headquartered in South Africa and the United Kingdom respectively. NIC was initially a non-bank financial institution (NBFI). In 1971, NIC became a public company, by listing on the Nairobi Stock Exchange, where it still trades today under the symbol: NNIC. In 1995, the Central Bank of Kenya required all NBFIs in the country to either convert to fully fledged commercial banks or close shop. NIC applied for and was granted a banking license that same year. In 1997, NIC Bank merged with African Mercantile Bank Limited (AMBank), a Kenyan financial institution.[5]
In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank with approximately US$30 million in assets and approximately US$5 million in shareholder's equity at the time.[6][7] Savings and Finance Commercial Bank rebranded to NIC Bank Tanzania, in keeping with the new shareholding structure. In November 2011, press reports indicated that NIC Bank was in advanced stages of opening a banking subsidiary in neighbouring Uganda.[8] NC Bank Uganda opened for business in May 2012.[9] In May 2012, NIC Bank opened a 100% subsidiary, NC Bank Uganda.
On 21 June 2016, the Central Bank of Kenya appointed NIC Bank as asset and liabilities consultant for Imperial Bank Limited (in receivership). Effectively, NIC Bank took over the responsibility of returning funds to the failed bank's deposit customers. The agreement also allows NIC to acquire some of the deposits, assets and liabilities of Imperial once its receiver manager the Kenya Deposit Insurance Corporation starts liquidating the bank.[10] The 28 branches and all 470 former employees of Imperial Bank will be taken over by NIC Bank.[11]
Branch network
As at January 2018, NIC Bank had over 41 branches in Kenya.[12][13]
NIC Bank's partnership with the Kenya Post Office Savings Bank enabled the provision of cash collection services for its customers through Postbank’s network of 94 branches in Kenya.[14]
NIC Bank Group
NIC Bank together with its subsidiaries, which it owns, either wholly or partially, form the NIC Bank Group. Members of the group include:[15]
- NIC Bank – Retail banking – Nairobi, Kenya
- NIC Capital – Investment banking – Nairobi, Kenya
- NIC Capital Securities – Securities brokerage – Nairobi, Kenya
- NIC Bank Tanzania – Retail banking – Dar es Salaam, Tanzania
- NC Bank Uganda – Retail banking – Kampala, Uganda
Governance
The activities of NIC Bank are directed by eleven board of directors. The Managing Director is assisted by seven other 10 other senior Officers in supervising the day-to-day activities of the Bank.[16]
See also
References
- ↑ Corporate, News (25 July 2013). "NIC Bank Hires Barclays Executive As CEO". Business Daily Africa (Nairobi). Retrieved 5 August 2014.
- ↑ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 5 August 2014.
- ↑ NICBK, . (14 March 2014). "Audited 31 December Financial Statement of NIC Bank Kenya" (PDF). NIC Bank Kenya (NICBK). Retrieved 6 August 2014.
- ↑ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 5 August 2014.
- ↑ NICBK, . "The History of NIC Bank". NIC Bank Kenya (NICBK). Retrieved 6 August 2014.
- ↑ TI, . "NIC Bank Group Enters Tanzania Banking Sector". TanzaniaInvest.Com (TI) Quoting The EastAfrican. Retrieved 6 August 2014.
- ↑ Elinaza, Abduel (29 November 2010). "Tanzania: BOT Approves NIC Bank Take Over". Tanzania Daily News (Dar es Salaam) via AllAfrica.com. Retrieved 6 August 2014.
- ↑ BDA, . "Kenyan NIC's Profit Up In January To September, Eyes Uganda". Business Daily Africa (BDA) Quoting Reuters. Retrieved 6 August 2014.
- ↑ Nation, Correspondent (29 April 2012). "NIC To Open Uganda Branch In Growth Drive". Daily Nation. Retrieved 6 August 2014.
- ↑ Juma, Victor (21 June 2016). "NIC to compensate Imperial Bank depositors in new deal". Business Daily Africa. Nairobi. Retrieved 21 June 2016.
- ↑ Anyanzwa, James (21 June 2016). "NIC to compensate Imperial Bank depositors in new deal". The EastAfrican. Nairobi. Retrieved 21 June 2016.
- ↑ "NIC Bank Branch Network". NIC Bank Group. Retrieved 22 October 2014.
- ↑ "Information Memorandum | NIC Rights Issue" (PDF). NIC Bank Group. 2 October 2014. Retrieved 23 October 2014.
- ↑ "NIC Rights Issue | Information Memorandum" (PDF). NIC Bank Group. 17 July 2012. Retrieved 22 October 2014.
- ↑ Wangalwa, Elayne (23 July 2014). "NIC Bank H1 Profits Up". CNBC Africa. Retrieved 6 August 2014.
- ↑ Business Daily, Reporter (25 July 2013). "NIC Bank Taps Diaspora for New Chief Executive". Business Daily Africa (Nairobi). Retrieved 6 August 2014.