Family Bank Limited (FBL), commonly known as Family Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the Central Bank and the National Banking Supervisory Authority.

Overview

Family Bank is a medium-sized commercial bank in Kenya. As of December 31, 2017, the bank's total asset value was 69.12 billion Kenyan shillings (approx. 696 million USD) and shareholders' equity was 11.75 billion Kenyan shillings (approx. 118.30 million USD).

History

The bank was established in 1984 as Family Building Finance Society Limited. Titus Muya, the former non-executive chairperson of Family Bank, served as the founding chairperson and CEO of the organization for the first twenty-three years. It became a commercial bank in 2007 following the issuance of a banking license by Kenya's banking regulator, the Central Bank of Kenya. Titus Muya stepped down as CEO of the renamed Family Bank Limited to comply with Kenya's current banking regulations. Since transitioning to a commercial bank, FBL has been looking to expand its branch network.

In 2010, the bank ventured into the insurance industry through its subsidiary, Dhamana Insurance Agency.

In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovations to showcase its corporate image. This is a small space rented by the founder, Mr. TK Muya, which serves as both a branch and his office.

Ownership

The shares of FBL are privately held by institutional and individual investors. In October 2010, a consortium consisting of Tunisian private equity firm AfricInvest, Dutch FMO and Norwegian Norfund acquired a 25% stake in Family Bank for $14.30 million in cash. Two years later, the stake was sold to two Kenyan companies for an estimated price of 21.30 million US dollars (1.84 billion Kenyan shillings). The company's shares are traded over-the-counter and plan to list on the Nairobi Stock Exchange (NSE) in the future.

Branch Network

In February 2021, the bank opened its 92nd networked physical branch in the Nairobi community, named Eastleigh. At that time, Family Bank had branches in 34 of Kenya's 47 counties.

Governance

The chairperson of the board is Wilfred D. Kiboro, one of the non-executive directors. Nancy Njau as CEO, effective January 2, 2024.