M Oriental Bank
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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]
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2002 |
| Headquarters | Nairobi, Kenya |
Key people | Shanti V. Shah (chairman) Alakh Kohli (CEO) |
| Products | Checking, savings, investments, debit cards |
| Revenue | Aftertax: KSh96.5 million (US$965,000) (2017)[1] |
| Total assets | KSh10.577 billion (approx. US$106 million) (2017)[2] |
Number of employees | 105 (2017)[1] |
| Website | moriental |
Overview
As of December 2017[update], 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 will also be phased out.[4]
Ownership
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]
| 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
The bank maintains a network of branches at the following locations:[7]
- Westlands Branch – Apollo Centre, 2nd Floor, Ring Road, Westlands, Nairobi
- Koinange Street Branch – Finance House, Ground Floor, Koinange Street, Nairobi
- Sameer Business Park – Sameer Business Park, Mombasa Road, Nairobi
- Mombasa Branch – HassanAli Building, Nkurumah Road, Mombasa
- Nakuru Branch – AFC Building, Kijabe Row, Nakuru
- Eldoret Branch – Muya House, Kenyatta Street, Eldoret
- Kitale Branch – Robert Ouko Road, Kitale
Governance
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
References
External links
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