NIC Bank Group
 |
|
| Public | |
| Traded as | KN: |
| Industry | Banking and Finance |
| Founded | 29 September 1959 |
| Headquarters | Nairobi, Kenya |
|
Key people
|
J.P.M.Ndegwa Group Chairman John Gachora Group CEO |
| Products | Loans, Mortgages Investments, Debit cards, Credit Cards |
| Revenue |
 Aftertax:US$37.57 million (KES:3.2 billion) (2013) |
| Total assets | US$1.26 billion (KES:108.35 billion) (2012) |
|
Number of employees
|
957 (May 2014) |
| Website | NIC Bank Group |
NIC Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, and Uganda.
NIC Bank Group is a large financial services organization in East Africa, with assets valued at over US$1.26 billion (KES:108.35 billion) as of December 2012. Shareholders' equity at that time was valued at approximately US$180 million (KES:15.5 billion).
National Industrial Credit (NIC) was incorporated in Kenya on 29 September 1959, when South Africa-based Standard Bank and United Kingdom-based Mercantile Credit Limited jointly formed the company to provide hire purchase and installment credit finance facilities in East Africa. Standard Bank held 40% of the venture while Mercantile Credit held the remaining 60%.
In 1971, NIC became a public company and was listed on the then (NSE).
Barclays Bank of Kenya Limited (BBK) acquired 51% of NIC’s total shares through the acquisition of Mercantile in the 1970s and Standard’s NIC shares in the 1980s.
Between 1993 and 1996, BBK divested its shares, selling 38% of its shares to the public in 1994 through a secondary market offering and the remaining 20% in 1996 to the First Chartered Securities Group (FCS).
Because of changing trends, regulatory requirements in the Kenyan banking industry, and the need to meet growing customer requirements, NIC obtained a commercial banking license from the Central Bank of Kenya in September 1995.
To effectively diversify into mainstream commercial banking, NIC merged in November 1997 with African Mercantile Bank Limited, which was then owned by FCS, by way of a share swap. The purpose of this merger was to allow NIC to enhance its market position, provide a broader and more efficient range of services to its customers, and increase the returns to shareholders.
In 2006, NIC established investment bank NIC Capital as a wholly owned subsidiary.
In 2008, NIC through its subsidiary NIC Capital acquired a 91% stake in Solid Securities Limited and subsequently rebranded it to NIC Securities Ltd. This acquisition gave NIC Bank Group a seat at the NSE.
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Wikipedia