Standard Chartered Kenya, whose official name is Standard Chartered Bank Kenya Limited, but is sometimes referred to as Stanchart Kenya, is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...

. It is a subsidiary of the

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture ...

multinational financial conglomerate headquartered in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

, known as

Standard Chartered Standard Chartered PLC is a British multinational bank with operations in wealth management, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in th ...

. Stanchart Kenya is one of the banks licensed by the Central Bank of Kenya, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator, in the largest economy in the

East African Community The East African Community (EAC) is an intergovernmental organisation in East Africa. The EAC's membership consists of eight states: Democratic Republic of the Congo, the Federal Republic of Somalia, the Republics of Burundi, Kenya, Rwanda, S ...

. Standard Chartered Kenya is a large financial services provider in Kenya. , the bank's total assets were valued at about US$2.539 billion (KES:220.39 billion), with shareholders' equity of about US$417.1 million (KES:36.2 billion). At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country.

History

According to the website of the Central Bank of Kenya, the

Standard Bank of British South Africa The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank of India, Australia and China, Chartered Bank in 1969 to form Standard Chartered. History The bank was incorpor ...

received its commercial banking license in 1910 to start banking operations in

British East Africa East Africa Protectorate (also known as British East Africa) was a British protectorate in the African Great Lakes, occupying roughly the same area as present-day Kenya, from the Indian Ocean inland to the border with Uganda in the west. Cont ...

. In January 1911, it opened its first two branches, one in the national capital,

Nairobi Nairobi is the Capital city, capital and largest city of Kenya. The city lies in the south-central part of Kenya, at an elevation of . The name is derived from the Maasai language, Maasai phrase , which translates to 'place of cool waters', a ...

, and another in the port city of

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of British East Africa, before Nairobi was elevated to capital status in 1907. It now serves as the capital of Mombasa County. The town is ...

. In 1969, the bank's name was changed to Standard Chartered Bank of Kenya when its

parent company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

, the Standard Bank of South Africa, merged with the Chartered Bank of India, Australia and China, forming the

Standard Chartered Bank Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...

. In 1987, Standard Chartered sold all its shareholding in Standard Bank of South Africa, entirely divesting from the group. The

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

of Standard Chartered Kenya was listed on the Nairobi Securities Exchange (NSE) in 1989, offering 21 million shares to the public. This was the largest single placing at the NSE at the time. , the bank had a network of 34 branches, 90

automated teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

s and nearly 1,700 employees.

Ownership

The

of the bank is listed on the Nairobi Stock Exchange, where it trades under the symbol: SCBK. The shareholding in the bank is summarized in the table below:

Subsidiaries

In 2006, Standard Chartered Kenya acquired 25% shareholding in First Africa Capital, a financial services advisory company with headquarters in

and offices in

and

Johannesburg Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...

, co-founded by Wanjiku Mugane, a Kenyan attorney and investment banker, who served as its

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

. In 2009, Standard Chartered acquired 100% of First Africa

, renaming the company Standard Chartered Securities (SCS), to reflect the new ownership. Caroline Wanjiku Mugane served as the chief executive officer at SCS from 2006 until Standard Chartered Bank closed the subsidiary in 2013.

References

{{Standard Chartered Standard Chartered Banks of Kenya 1910 establishments in Kenya Banks established in 1910 Companies listed on the Nairobi Securities Exchange Companies based in Nairobi

History

Ownership

Subsidiaries

See also

References