Family Bank shareholders have approved establishment of a non-operating holding company that will hold shares in Family Bank Kenya and other non-banking subsidiaries ahead of expansion plans.
“Regional expansion remains a focus for in supporting our business growth and expansion strategy. We are exploring the possibility of expanding our footprint to countries within the East, West and Central African region,” said the CEO Nancy Njau.
“This non-operating holding company will allow for capital efficiency, risk management and establishment of separate governance structures for both banking and our non- banking subsidiaries,” she said.
The approval comes following the Annual General Meeting where the shareholders also approved a KES. 723 million dividend pay-out for the financial year ended December 2023.
Read also:- Family Bank records 1.3B profit for 2024 first quarter
ABOUT FAMILY BANK
Family Bank is a financial institution that prides itself in growing a strong retail customer base with a key focus on SME banking anchored on the positive transformation of people’s lives in Africa.
Family Bank is the fourth largest bank in Kenya, in terms of branch network with 95 branches across 32 counties.
The Bank has over 750,000 customers, 4,900 bank agents, and over 8,000 merchants countrywide with total assets of KES.142.4 billion and a deposit base of KES 102.6 billion as of 31st December 2023.
Family Bank prides itself in being a digitally innovative bank having been the first bank to introduce paperless banking through smart card technology, mobile banking, and PesaPap in Kenya and the first to launch the mVisa service in Africa.
In 2024, the Bank won the Excellence in Customer Responsiveness award at the Innovation & Excellence Awards East Africa and was voted the third-best overall bank and the best tier-two bank for the fourth year running in the Kenya Bankers Association Customer Satisfaction and Digital Banking Experience 2023 Survey.
For the Bank’s 2021 Corporate Bond Campaign which saw the Bank mark a subscription of 147.3% and raise KES 4.42 billion through public placement, Family Bank was awarded the Financial Communication Campaign of the Year and Overall Public Relations Campaign of the Year at the 2021 Public Relations Society of Kenya Annual Awards for Excellence.