Victoria Commercial Bank
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.[1]
| Type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1987 (age 34–35) |
| Headquarters | Nairobi, Kenya |
Key people | Kanji D Pattni Chairman Yogesh K Pattni Managing Director |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |  Aftertax: US$5.95 million (KES:592.39 million) (2016) |
| Total assets | US$225.2 million (KES:22.4 billion) (2016) |
Number of employees | 61 (2015) |
| Website | Homepage |
Location
The bank maintains three offices in Nairobi, Kenya's capital. The main branch is located at Victoria Towers, in the upscale neighborhood of Upper Hill, 3 kilometres (2 mi) southwest of the central business district of Nairobi, Kenya's capital city.[2]
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.[3]
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.[4] Later, it began making loans to qualifying small and medium enterprises (SMEs).[5]
As of December 2016, the bank's total assets were valued at about US$225.2 million (KES:22.4 billion), with shareholders' equity of about US$50.85 million (KES:5.06 billion).[6]
Ownership
As of January 2017, the shareholding in the stock of Victoria Commercial Bank was as follows:[7]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Kanji D. Pattni | |
| 2 | Kingsway Investments | |
| 2 | Orchid Holdings | |
| 2 | Rochester Holdings | |
| 2 | 74 Others | |
| Total | ||
Branches
As of July 2016, Victoria Commercial Bank maintains three branches in the city of Nairobi, Kenya.[8]
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".[8] 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).[9]
See also
References
- 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.
- Globefeed.com (14 July 2016). "Distance between Kenyatta International Conference Centre, Harambee Avenue, Nairobi, Kenya and Victoria Towers, Nairobi, Kenya". Globefeed.com. Retrieved 14 July 2016.
- VCB (14 July 2016). "Victoria Commercial Bank: About Us: Company Profile". Nairobi: Victoria Commercial Bank (VCB). Retrieved 14 July 2016.
- Neptune, Software (20 October 2008). "Kenya's Victoria Commercial Bank Signs for Neptune Platform". Finextra.Com. Retrieved 4 August 2014.
- Mboya, Elvis (19 April 2018). "Victoria Bank keeps bad loans at zero per cent". Business Daily Africa. Nairobi. Retrieved 20 April 2018.
- VCB (7 March 2017). "Audited 31 December 2016 Financial Report" (PDF). Nairobi: Victoria Commercial Bank (VCB). Retrieved 19 April 2017.
- VCB (31 December 2017). "Victoria Commercial Bank: Significant Shareholders". Nairobi: Victoria Commercial Bank (VCB). Retrieved 20 August 2017.
- Ngigi, George (13 July 2016). "Victoria Bank retains rating on clean loans records". Business Daily Africa. Nairobi. Retrieved 14 July 2016.
- Herbling, David (20 August 2017). "Victoria bank sees first default after 10 years". Daily Nation. Nairobi. Retrieved 20 August 2017.
External links
- Website of Central Bank of Kenya
- Website of Victoria Commercial Bank
- Victoria Commercial Bank Profit After Tax drops by 17 Percent
