Commercial Bank of Africa
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|
| Private Subsidiary | |
| Industry | Banking |
| Founded | 1962 |
| Headquarters | Upper Hill, Nairobi, Kenya |
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Key people
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Desterio Oyatsi Chairman Isaac Awuondo Managing Director |
| Products | Loans, credit cards, savings, investments, mortgages |
| Revenue |
 Aftertax:US$36 million (KES:3,592 billion) (2015) |
| Total assets | US$2.166 billion (KES:215.6 billion) (2015) |
|
Number of employees
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1,104 (2015) |
| Website | www |
Commercial Bank of Africa (CBA) is a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
As of December 2015[update], the bank was one of the largest commercial banks in Kenya with assets of approximately US$2.166 billion (KES:215.6 billion), with shareholders' equity of approximately US$217.83 million (KES:21.68 billion). It is the largest privately owned commercial bank in Kenya.
The bank was founded in 1962 in Dar es Salaam, Tanzania. Soon, branches were opened in Nairobi & Mombasa, Kenya and in Kampala, Uganda. When Tanzania nationalised private banks in 1967, the bank moved its headquarters to Nairobi. Following political changes in Uganda in 1971, the bank sold its assets in that country.
At the beginning, CBA was owned by a consortium of financial institutions known as Societe Financiere pour les pays D`Outre Mer (SFOM), based in Switzerland. Original members of the consortium included Banque National de Paris, Bank Bruxelles Lambert, Commerz Bank and Bank of America. In 1980, Bank of America acquired 84% shareholding, effectively buying out all the other SFOM partners. 16% shareholding in CBA remained in the hands of Kenyan investors. During the 1980s Bank of America divested from the bank, putting 100% shareholding in CBA in the hands of Kenyan nationals.
Commercial Bank of Africa's ownership is under a shareholding structure. The Kenyatta family controls 98.91 percent of CBA through an investment vehicle called Enke Investments Limited.
Commercial Bank of Africa (Kenya) is a member of the CBA Group of companies. These include:
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