CfC Stanbic Holdings
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Public KN: |
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| Industry | Banking and Finance |
| Founded | 2008 through merger |
| Headquarters | CfC Stanbic Center Chiromo Road Nairobi, Kenya |
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Key people
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Greg Brackenridge Group CEO Fred N. Ojiambo Chairman |
| Products | Commercial and Investment banking |
| Revenue |
 KES: 16.20 billion (2013) |
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KES: 5.41 billion (2013) |
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| Total assets |
KES: 180.51 billion (2013) |
| Total equity |
KES: 32.4 billion (2013) |
| Website | Homepage |
Stanbic Holdings Plc, formerly known as CfC Stanbic Holdings Limited, is a financial services organization in Kenya. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya and South Sudan. Stanbic Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. The institution is licensed and governed by the Central Bank of Kenya, the national banking regulator.
The institution serves the banking needs of large and small business customers as well as individuals. Stanbic Holdings Plc is a large financial services organization in Kenya, with an asset base valued at over KES: 180.51 billion (USD:1.78 billion), as of December 2013. At that time, shareholder's equity was valued at about KES:32.43 billion (USD:319.696 million).
CfC Stanbic Holdings, as it exists today, is the result of a through merger between Stanbic Bank Kenya Limited and CfC Bank Limited.
Stanbic Bank Kenya Limited (SBK) was established in 1958 when Ottoman Bank incorporated its first subsidiary in the region. This was after acquiring Torr’s Hotel from Ewart Grogan and converting it to its head office. In 1969, Ottoman Bank sold it's Kenyan operations to National and Grindlays Bank (NGB Kenya) making its exit from the East African market.
In 1970, the Kenya government and NGB entered into an agreement that saw the government takeover full control of NGB Kenya with the exception of the two branches inherited from Ottoman Bank, one in Nairobi while the other in Mombasa. NGB Kenya was then rebranded to Kenya Commercial Bank while the two branches hived off became Grindlays Bank International (Kenya) Limited (GBI). Shareholding in GBI was 60 per cent by NGB London and 40 per cent by the government of Kenya.
In 1992, Standard Bank Investment Corporation (Stanbic Bank), a subsidiary of Standard Bank, acquired GBI by virtue of it being part of ANZ Grindlays Bank's African subsidiaries. The bank's name was changed from Grindlays Bank International (Kenya) Limited to Stanbic Bank Kenya Limited in 1993. At the point of the merger, the bank was 96.31% owned by Standard Bank through Stanbic Africa Holdings Limited (SAHL) and the balance of 3.69% held by the Government of Kenya.
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