Top 8 Lists Of Tier 1 Banks In Kenya 2022 [You Need To Know]
Top 8 Lists Of Tier 1 Banks In Kenya 2022… Are you looking for the Top 8 Lists Of Tier 1 Banks In Kenya 2022? If yes, then this informative article is for you. You will be given detailed information about the Top 8 Lists Of Tier 1 Banks In Kenya 2022.
Recently, we came across some of the queries of our countrymen regarding the tier 1 banks operating in Kenya. For that reason, we have decided to provide some details about the eight-tier 1 banks in Kenya. They are the top-tier banks, and most of them have a huge presence throughout the country and serve millions of clients.
What Are Tier 1 Banks?
Tier 1 banks include the large banks that have been operating in Kenya for many years. All the banks have millions of customers and assets of around a hundred billion. The tier 1 banks are the safest banks and earn a huge amount of profit every year.
Tier 1 banks have a strong hold on the market as all the banks collectively control around 49.9% of our market. At present, eight banks have found their place in the tier 1 category, and we will discuss them later on in the article.
Kenya Tier 1 Banks List
Now, have a look at the name of eight top-tier banks which are ruling the banking industry of our country;
- Equity Bank
- Kenya Commercial Bank
- Barclays Bank
- Cooperative Bank
- Standard Chartered Bank
- Commercial Bank of Africa
- DTB Bank
- Stanbic Bank
Tier 1 Banks In Kenya 2022
1. Equity Bank
Equity bank was incorporated in the year 2014 and was formed after the restructuring of Equity Group Holdings Limited, its parent company. Equity bank is a commercial bank, which is regulated by the Central Bank of Kenya. Equity Group Holdings Limited is one of the largest commercial organizations in the entire African continent.
The banking arm of the Equity group came into existence in 1984 in the name of EBS (Equity Building Society). In the year 2006, Equity bank became the biggest bank in terms of market capitalization after being enlisted in the NSE (Nairobi Securities Exchange). The bank also commenced operations in Congo in the year 2015.
Contact
- Head Office: Kenya
- Address: Upper Hill – Hospital Road, 9th floor, Equity Centre, Nairobi, Kenya.
- Phone: (+254) 763026000
- Email: info@equitybank.co.ke
2. Kenya Commercial Bank
KCB, one of the largest and oldest commercial banks of Eastern Africa commenced its journey simply as a branch of NBI (National Bank of India) at Zanzibar in 1896. The bank soon expanded its territory and finally set up a branch in Nairobi. In 1904, the branch in Nairobi became the headquarters of the bank and excelled to further heights.
After some time, the National Bank of India merged with the Grindlays Bank to form a new entity – National and Grindlays Bank (NGB). The bank was likely to spearhead the team which works for the economic empowerment of the local citizens soon after independence.
Finally, in 1970, our government changed the name of the bank to KCB after acquiring the majority shareholding of the bank. Recently, in 2015, KCB received the credit rating of B+ and B1 from S&P and Moody’s rating agencies respectively.
They also launched a mobile-based service, KCB M-PESA only for the M-PESA customers in the same year. KCB ended the year on a high note by establishing a representative office in the country of Ethiopia. After that, the bank has flourished and attained greater heights through its immense dedication.
Contact
- Head Office: Kenya
- Address: Kencom, HSE, Nairobi, Kenya.
- Phone: (+254) 020 3270000
- Email: contactcentre@kcb.co.ke
3. Barclays Bank
Barclays bank began its journey 325 years back in Lombard Street. The bank evolved itself over the centuries and developed into a giant in the financial services sector. Barclays bank was able to prevail in several financial hardships, evolutions (agricultural, technological, and industrial), and international conflicts with ease. The bank emerged as one of the strongest banking platforms in the United Kingdom.
Barclays bank entered our country 100 years back. The bank has become the top financial services provider in our country as it has immense financial strength, which is mainly due to the international and local resources that the bank possesses.
Barclays bank has an extensive presence across Kenya with 100 banking outlets and more than 210 ATMs. The bank offers exclusive services to its clients through its robust mobile and internet banking platforms.
Contact
1. Head Office: Global
- Address: Dallimore Road, Wythenshawe, Manchester, United Kingdom
- Phone: (44) 247684 2100
- E-mail: grouparchives@barclays.com
2. Head Office: Kenya
- Address: Barclays Westend building, Off the Waiyaki way, Nairobi, Kenya.
- Phone: (+254) 0203900000
- E-mail: barclays.kenya@barclays.com
4. Cooperative Bank
Co-operative Bank of Kenya was founded in 1965 and was initially incorporated under the Cooperative Societies Act. The bank held on to this status till 27th June 2008. After that, the bank was incorporated under the Companies Act in order to comply with the basic requirements for getting enlisted in the Nairobi Securities Exchange (NSE). Finally, the Cooperative Bank of Kenya went public on 22nd December 2008.
CoopHoldings Co-operative Society Limited is a strategic shareholder in the Cooperative bank with around 64.56% stake.
The bank has three subsidiaries under its name, and they are
- Co-op Consultancy & Insurance Agency Limited (CCIA) – This subsidiary works in the field of capacity building, financial advisory, and corporate finance. It is fully owned by the Cooperative bank.
- Kingdom Securities Limited – This is a stockbroking agency, and the bank holds a stake of 60% in it.
- Co-opTrust Investment Services Limited – This subsidiary is fully owned by the Cooperative bank, and it is a fund management firm.
Contact
- Head Office: Kenya
- Address: Co-operative House, Haile Selassie Avenue, Nairobi, Kenya.
- Phone: (+254) 0203276000
- E-mail: customerservice@co-opbank.co.ke
5. Standard Chartered Bank
Standard Chartered bank offers several banking services which ultimately drive companies and people to succeed in life. The bank promises to grow with the people and urges to create enormous wealth across the markets.
The bank has 150-years long history and is spread across most of the dynamic regions in the entire world. Standard Chartered bank has about 86,000 employees, and all of them are employed in the above 60 dynamic markets. The bank is enlisted in the Hong Kong and London stock exchanges. SCB is also listed on the National and Bombay stock exchanges (India).
In 1969, the Standard Bank was merged with the Chartered bank to get evolved into a single entity named Standard Chartered bank. Now, the bank has a strong network of branches stretched across the emerging markets of Africa, Asia, and many more. SCB is the leading sponsor of the Liverpool football club for around eight years.
Standard Chartered Bank (Kenya) was founded in the year 1911. Its first branch was set up in the Treasury Square, Mombasa. In 1989, SCB (Kenya) was enlisted in the NSE (Nairobi Securities Exchange). There are around 30,000 stakeholders in the company, which is a mere 25%. The remainder of it is held by its parent company, the Standard Chartered PLC. There are about 1,600 employees working in the bank. The bank has in total of 36 branches and 108 ATMs across the nation.
Contact
1. Head Office: Global
- Address: 1, Basinghall Avenue, London.
- Phone: (+44) 02078858888
2. Head Office: Kenya
- Address: Number- 48, Westlands, Nairobi, Kenya, PO Box – 30003 00100
- Phone: (+254) 203293900
6. Commercial Bank of Africa
CBA (Commercial bank of Africa) is one of the largest private sector banks in the entire eastern African region. The bank started its journey 50 years back and has established itself as one of the best tier 1 banks in Kenya. Commercial bank of Africa laid its foundation in Tanzania and soon explored the territories of Uganda and Kenya.
SFOM (Societe Financiere pour les pays D’Outre Mer), a Swiss-based cartel bank was the parent company of CBA. The other members of the consortium bank included Banque National de Paris, Bank Bruxelles Lambert, Dresdnen Bank (presently Commerzbank), and Bank of America.
In 1980, Bank of America bought all the shares of its SFOM partners and finally restructured CBA to receive more profits, though they soon sold its majority of shares to the local investors and left the market.
Since then, CBA has been able to offer services to high-profile clients including high net-worth individuals, NGOs, diplomatic missions, institutions and large corporations.
Contact
1. Head Office: Tanzania
- Address: Ohio Street, Amani Place, Dar es Salaam, Tanzania.
- Phone: (+255) 22 2130113
- E-mail: contact@cbagroup.com
2. Head Office: Kenya
- Address: Mara and Ragati Roads, Upperhill, Nairobi, Kenya.
- Phone: (+254) 202884000
- E-mail: contact@cbagroup.com
7. DTB Bank
DTB (Diamond Trust Bank), a leading local bank was enlisted in the Nairobi Securities Exchange (NSE). The bank is a subsidiary of the Aga Khan Development Network (AKDN) and has been operating in the eastern African region for more than 70 years.
In recent times, the bank has had its focus on expanding the branch network and developing the SME sector respectively, which has driven the growth of the bank.
The bank has a wide network of more than 130 branches across Burundi, Uganda, Tanzania, and Kenya; many of them are digital branches (24/7). DTB has been able to attain the platform where people are highly confident of acquiring the services of the bank.
Contact
1. Head Office: Tanzania
- Address: 9th Floor, Harbour View Towers, Samora Avenue, Dar es Salaam, Tanzania.
- Phone: (+255) 22 2114891
- E-mail: customercare@diamondtrust.co.tz
2. Head Office: Kenya
- Address: DTB Centre, Mombasa Road, Nairobi, Kenya.
- Phone: (+254) 020-2849000
- E-mail: contactcentre@dtbafrica.com
8. Stanbic Bank
Standard Bank Group, the parent company of Stanbic Bank is the biggest African bank in terms of assets. It has a market capitalization of around R317 billion. The bank offers banking as well as financial services in the sub-Saharan region of Africa.
The bank has a 155-year long history in the South African region. Standard bank has been building a franchise in the entire sub-Saharan region since 1988. The bank has subsidiaries in around 20 African countries, but you need to have knowledge about the local language to become successful. Standard bank has found its strategic partner in ICBC (Industrial and Commercial bank of China), which has a shareholding of 20% in the Standard bank group.
In 1992, Standard bank acquired the services of Grindlays Bank in Zambia, Zimbabwe, Zaire, Uganda, Botswana, and Kenya. In the next year, Standard bank was renamed Stanbic Bank except for the Merchant Bank Limited of Ghana.
Contact
1. Head Office: Global
- Address: 9th Floor, Standard Bank Centre, Simmonds Street, Johannesburg, South Africa.
- Phone: (+27) 116369112/11
- E-mail: information@standardbank.co.za
2. Head Office: Kenya
- Address: CFC Stanbic Center, Chiromo Road, Nairobi, Kenya
- Phone: (+254) 0711068888/203268888
- E-mail: customercare@stanbic.com
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