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M Oriental Bank

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M Oriental Bank
Company typePrivate
IndustryFinancial services
Founded2002; 22 years ago (2002)
HeadquartersNairobi, Kenya
Key people
Shanti V. Shah, Chairman
Alakh Kohli, CEO
ProductsChecking, Savings, Investments, Debit Cards
RevenueIncrease Aftertax: KSh96.5 million (US$965,000) (2017)[1]
Total assetsKSh10.577 billion (approx. US$106 million) (2017)[2]
Number of employees
105 (2017)[1]
Websitemoriental.co.ke

M Oriental Bank, previously known as Oriental Commercial Bank Limited, 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 national banking regulator.[3]

Overview

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As of December 2017, the bank's total assets were valued at KSh10.577 billion (approx. US$106 million), with KSh3.028 billion (approx. US$30.3 million), in shareholders' funds.[2] In June 2016, the bank announced a change in business strategy. MOB will cease to operate as a retail bank and instead become a private bank, with focus on serving family-owned businesses and high net-worth individuals. The use of ATMs would also be phased out.[4]

Ownership

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In 2016, Oriental Commercial Bank was officially re-branded to M Oriental Bank Limited, after the Central Bank of Kenya gave approval to M Holdings Limited to acquire majority shares. M Holdings Limited, a Kenyan owned and registered company subsequently opted to acquire only 33.8 percent. As of 31 December 2017, the shareholding in the stock of the bank was as illustrated in the table below.[5]

M Oriental Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 M Holdings Limited
33.83[6]
2 Pasha Investments Limited
7.68
3 Nalinkumar Meghji Shah
6.51
4 Sag Investment Limited
4.32
5 Rupen Mulchand Haria
4.11
6 Bank One Limited
3.68
7 Others with 4.0 percent or less each
39.87
Total 100.00

Branch network

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The bank maintains a network of branches at the following locations:[7]

  1. Westlands Branch – Apollo Centre, 2nd Floor, Ring Road, Westlands, Nairobi
  2. Koinange Street Branch – Finance House, Ground Floor, Koinange Street, Nairobi
  3. Sameer Business Park – Sameer Business Park, Mombasa Road, Nairobi
  4. Mombasa Branch – HassanAli Building, Nkurumah Road, Mombasa
  5. Nakuru Branch – AFC Building, Kijabe Row, Nakuru
  6. Eldoret Branch – Muya House, Kenyatta Street, Eldoret
  7. Kitale Branch – Robert Ouko Road, Kitale.

Governance

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The bank is governed by a six-person board of directors. Shanti Shah, one of the non-executive directors, serves as the chairman.[8] The chief executive officer is Alakh Kohli.[9]

See also

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References

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  1. ^ a b Ngugi, Brian (3 August 2018). "Tanzanian buyer of Kenya's Oriental Bank in trouble". Business Daily Africa. Nairobi. Retrieved 3 August 2018.
  2. ^ a b "M Oriental Bank Limited: Annual Report And Financial Statements for the Year Ended 31 December 2017" (PDF). Nairobi: M Oriental Bank Limited. 20 March 2018. Retrieved 17 August 2018.
  3. ^ "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorised Non-Operating Bank Holding Companies" (PDF). Central Bank of Kenya. 2 August 2016. Retrieved 2 August 2016.
  4. ^ Ngugi, Brian (22 June 2016). "M Oriental Bank targets family business". Business Daily Africa. Nairobi. Retrieved 2 August 2016.
  5. ^ "M Oriental Bank Limited: Shareholding Structure As At 31 December 2017" (PDF). Nairobi: M Oriental Bank Limited. 31 December 2017. Retrieved 3 August 2018.
  6. ^ Ngugi, Brian (7 August 2018). "CBK Mum On Bank M Woes As Oriental Disowns Dar Affiliate". Business Daily Africa. Nairobi. Retrieved 7 August 2018.
  7. ^ "The Branch Network of Oriental Commercial Bank". Oriental Commercial Bank. Retrieved 5 August 2014.
  8. ^ "The Board of M Oriental Bank". Nairobi: M Oriental Bank. 2 August 2016. Retrieved 2 August 2016.
  9. ^ "Key People At M Oriental Bank". Nairobi: M Oriental Bank\archive-url=https://web.archive.org/web/20160529071924/http://www.orientalbank.co.ke/people. 2 August 2016. Retrieved 2 August 2016.
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