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Victoria Commercial Bank

From Wikipedia, the free encyclopedia

Victoria Commercial Bank Limited
TypePrivate
IndustryFinancial services
Founded1987 (age 35–36)
HeadquartersNairobi, Kenya
Key people
Seth Ketaki
Chairman
Yogesh K Pattni
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncreaseAftertax: US$4.5 million (KES:649.48 million) (2022)
Total assetsUS$360.3 million (KES:52.08 billion) (2022)
Number of employees
110 (2023)[1]
WebsiteHomepage

Victoria Commercial Bank (VCB) is a private bank in Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the Central Bank and national banking regulator.[2]

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Transcription

Location

The bank maintains five branches in Nairobi, Kenya's capital. The main branch is located at Victoria Towers, in the upscale neighborhood of Upper Hill, about 4.6 kilometres (3 mi) southwest of the central business district of Nairobi, Kenya's capital city.[3]

History

Victoria Commercial Bank was established in 1987 as Victoria Finance Company, a non-bank finance institution (NBFI). In 1996, following the issuance of a banking licence by the Central Bank of Kenya, the company rebranded to Victoria Commercial Bank.[4]

Overview

The bank is a Tier III private bank in Kenya, East Africa's largest economy. VCB focuses on serving large corporations and high-net-worth clients. The bank also offers personal banking services to the employees of its corporate clients.[5] Later, it began making loans to qualifying small and medium enterprises (SMEs).[6]

As of December 2022, the bank's total assets were valued at about US$360.3 million (KES:52.08 billion), with shareholders' equity of about US$49.4 million (KES:7.32 billion).[7]

Ownership

As of January 2017, the shareholding in the stock of Victoria Commercial Bank was as follows:[8]

Victoria Commercial Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Kanji D. Pattni
13.02
2 Kingsway Investments
8.96
2 Orchid Holdings
8.33
2 Rochester Holdings
7.13
2 74 Others
62.56
Total
100.00

Branches

As of July 2016, Victoria Commercial Bank maintains five branches in the city of Nairobi, Kenya.[9]

Credit rating

In July 2016, the South African credit rating agency Global Credit Ratings (GCR) rated the bank as BBB with stable outlook. The bank has a history of "operating without a loan default for the last 10 years".[9] During the first 6 months of 2017, VCB declared its first non-performing loan in the past 10 years. The defaulted loan is valued at KSh18.3 million. (approx. US$180,000).[10]

See also

References

  1. ^ James Rogoi (2 March 2023). "Kenyan bank where walk-in customers are forbidden". Business Daily Africa. Nairobi, Kenya. Retrieved 3 September 2023.
  2. ^ CBK (13 July 2016). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Authorised Non-Operating Bank Holding Companies" (PDF). Nairobi: Central Bank of Kenya (CBK). Retrieved 13 July 2016.
  3. ^ Google (3 September 2023). "Road Distance Between  Nairobi City Center, Kenya and Victoria Towers, Nairobi, Kenya" (Map). Google Maps. Google. Retrieved 3 September 2023.
  4. ^ VCB (14 July 2016). "Victoria Commercial Bank: About Us: Company Profile". Nairobi: Victoria Commercial Bank (VCB). Retrieved 14 July 2016.
  5. ^ Neptune, Software (20 October 2008). "Kenya's Victoria Commercial Bank Signs for Neptune Platform". Finextra.Com. Retrieved 4 August 2014.
  6. ^ Mboya, Elvis (19 April 2018). "Victoria Bank keeps bad loans at zero per cent". Business Daily Africa. Nairobi. Retrieved 20 April 2018.
  7. ^ VCB (17 March 2023). "Audited 31 December 2022 Financial Report" (PDF). Victoria Commercial Bank (VCB). Nairobi, Kenya. Retrieved 3 September 2023.
  8. ^ VCB (31 December 2017). "Victoria Commercial Bank: Significant Shareholders". Nairobi: Victoria Commercial Bank (VCB). Retrieved 20 August 2017.
  9. ^ a b George Ngigi (13 July 2016). "Victoria Bank retains rating on clean loans records". Business Daily Africa. Nairobi, Kenya. Retrieved 3 September 2023.
  10. ^ Herbling, David (20 August 2017). "Victoria bank sees first default after 10 years". Daily Nation. Nairobi. Retrieved 20 August 2017.

External links


01°18′03″S 36°48′56″E / 1.30083°S 36.81556°E / -1.30083; 36.81556

This page was last edited on 3 September 2023, at 10:37
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