Summary
Giro Commercial Bank, whose full name was Giro Commercial Bank Limited, was a commercial bank in Kenya it was acquired and absorbed by I&M Holdings in 2017. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1992 |
| Defunct | February 12, 2017[1] |
| Fate | Acquired by I&M Holdings |
| Headquarters | Nairobi, Kenya |
Key people | C. J. Gidoomal Chairman Sanjay Gidoomal Executive Director |
| Products | Banking |
| Website | www |
As of December 2013[update], the total asset base of Giro Commercial Bank was valued at approximately KSh.13.623 billion/= (US$157.67 million), with shareholders' equity of approximately KSh.2.086 billion/= (US$24.15 million). Then, the bank held KSh.11.457 billion (US$132.6 million), in customer deposits.[3] At that time, the bank was ranked number 29 out of 43 licensed banks in Kenya.[4]
History edit
The bank was established as Giro Bank Limited in 1992. In 1998, Giro Bank merged with Commercial Bank Limited, to form Giro Commercial Bank Limited.[5][6] The stock of the bank is privately owned by individuals and institutions.
On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank.[7] The acquisition was finalized in March 2017 and the operations of Giro Commercial Bank were merged to that of I&M Bank Kenya.[1]
Branch network edit
As of August 2014[update], the bank operated a network of branches at the following locations:[8]
- Head Office - Giro House, Eldama Park, Nairobi
- Banda Street Branch - Hughes Building, Banda Street, Nairobi
- Industrial Area Branch - Dunga Road, Industrial Area, Nairobi
- Kisumu Branch - Giro House, Oginga Odinga Road, Kisumu
- Mombasa Branch - Pan Africa House, Moi Avenue, Mombasa
- Parklands Branch - 3rd Parklands Avenue, Ridge Court, Parklands, Nairobi
- Westlands Branch - Bandari Plaza, Woodvale Grove, Westlands, Nairobi.
See also edit
References edit
- ^ a b "Successful acquisition: Former Giro Commercial Bank branches now sporting I&M Bank branding". 13 March 2017. Archived from the original on 2017-03-28. Retrieved 27 March 2017.
- ^ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 8 August 2014.
- ^ "Audited 31 December 2013 Annual Report And Financial Statements" (PDF). Central Bank of Kenya. Retrieved 8 August 2014.
- ^ "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 9 August 2014.
- ^ "Mergers And Acquisitions Among Kenyan Commercial Banks From 1989 Until 2010". Central Bank of Kenya. Archived from the original on 18 July 2014. Retrieved 8 August 2014.
- ^ "The History of Giro Commercial Bank". Giro Commercial Bank. Retrieved 9 August 2014.
- ^ Mwaniki, Charles (2015-09-07). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nation Media Group. Retrieved 2015-09-07.
- ^ "The Branches of Giro Commercial Bank Limited". Giro Commercial Bank Limited. Retrieved 9 August 2014.
External links edit
- Website of Central Bank of Kenya
- CBK Case Against Giro Bank Set for September 2011
- SBI To Acquire Giro Commercial Bank, Indo Monex
