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STANBIC BANK
Stanbic Bank’s history in Kenya began on November 2, 1992, when its parent company, Standard Bank, acquired the African operations of ANZ Grindlays Bank. At that time, Grindlays Bank International (Kenya) was 40 percent owned by the Kenyan government, and Standard Bank initially held a 60 percent share in ANZ Grindlays Bank in Kenya. On July 1, 1993, all ANZ Grindlays branches across Africa were rebranded as Stanbic Bank, marking the inception of Stanbic Bank Kenya Limited.
By 2007, Stanbic Bank had established four branches in Kenya and employed 270 staff members. It ranked as the ninth-largest bank in Kenya by assets, amounting to KES 29 billion by March 2007, according to the Central Bank of Kenya (CBK).
In June 2008, Standard Bank Group acquired a 60 percent stake in CfC Bank, then Kenya’s sixth-largest bank. This acquisition led to the formation of CfC Stanbic Holdings, which became the listed holding company. The merger of Stanbic Bank Kenya and CfC Bank resulted in the formation of CfC Stanbic Bank, maintaining CfC Bank’s listing on the Nairobi Securities Exchange (NSE). Post-merger, CfC Stanbic emerged as the fourth-largest lender in Kenya.
In 2012, CfC Stanbic Bank expanded its operations into South Sudan, opening a fully-fledged branch in Juba’s business district to provide corporate and retail banking services. The Juba branch commenced operations on April 23.
On August 5, 2016, shareholders of CfC Stanbic Holdings approved a name change to Stanbic. Subsequently, CfC Stanbic Bank rebranded to Stanbic Bank, and CfC Stanbic Holdings became Stanbic Holdings PLC.
Since its inception, Stanbic Bank has been known for its innovative approach. In 2012, it launched a private clients offering targeting high-net-worth individuals with investable assets exceeding USD 1 million, paving the way for Stanbic to become a leading personal and private bank in the Kenyan market.
In 2014, Stanbic Bank opened Kenya’s first digital experience bank branch at Nyali Centre Mall in Mombasa. This milestone was followed by the launch of the first fully digital branch in Nairobi’s Garden City Mall in 2015.
In 2016, Stanbic Bank allocated KES 7.5 billion for a public-private partnership program aimed at enabling government hospitals across Kenya to acquire equipment, marking a significant initiative in the country’s healthcare sector. The same year, Stanbic Bank launched a Chinese currency exchange division at four branches in Kenya, making it the second market, after South Africa, within the Standard Bank Group to offer such services.
Stanbic Bank has actively supported business growth within its operational sphere. Notably, in 2018, it introduced a new electronic billing system that streamlined billing, reconciliation, and payments for businesses, enhancing operational efficiency. In 2019, the bank launched a KES 20 billion fund dedicated to supporting female entrepreneurs, thus bolstering financial inclusion for women in both formal and informal sectors.
Established in 2018, the Stanbic Kenya Foundation aimed to consolidate and expand the bank’s social investment initiatives across Kenya. In 2021, the foundation partnered with Microsoft and the Ministry of Industrialisation, Trade, and Development to launch Future Ni Digital, a program aimed at enhancing digital literacy, entrepreneurship, and career skills among over 50,000 micro-small enterprise owners in Kenya.
In 2009, CfC Stanbic Holdings relaunched its securities business as CfC Stanbic Financial Services, focusing on securities brokerage and placement services at the NSE. In 2018, Stanbic Bank Kenya and SBG Securities acted as the lead arranger and placing agent for East Africa’s inaugural green bond. This bond, issued for Nairobi-based property developer Acorn Group, raised KES 4.262 billion over five years for environmentally friendly student accommodation in Nairobi.
Stanbic Bank was listed on the NSE in 2008, initially offering 273,684,211 shares. As of December 2008, the bank’s share price stood at KES 60.00 per share. By December 2021, it had risen to KES 87.25 per share, with a market capitalisation of KES 34.5 billion. As of July 10, 2024, the share price stands at KES 113.75 per share.
Listing on the NSE enabled Stanbic Bank to attract both local and international investors who recognise its strong growth prospects and future outlook.
Recognised for its innovation and growth, Stanbic Bank has received numerous accolades from leading award institutions, including Best Investment Bank in Kenya (2013-2023), Best Trade Finance Bank in Kenya (2016-2022), Best Private Bank in Kenya (2017-2019), Best FX Provider in Kenya (2014-2018), Best Corporate Bank (2016-2017), Safest Bank in Kenya (2017-2018), and recognition for its impactful initiative, D.A.D.A by Stanbic.
In 2023, Stanbic Holdings reported a 34 percent increase in profit after tax, reaching KES 12.2 billion. The same financial year saw an 18.6 percent increase in return on equity and a 34 percent gain in earnings per share, marking one of the fastest profitability growth rates in the industry.
Stanbic Bank stands as a pinnacle of corporate success in Kenya, driving innovation, fostering growth, and making impactful strides in both business and community spheres. With a legacy rooted in pioneering initiatives and steadfast commitment to excellence, Stanbic Bank continues to set benchmarks as a leader in the financial sector, embodying resilience and vision that propels it forward as a cornerstone of Kenya’s economic landscape.
