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GULF AFRICAN BANK BRANCHES IN KENYA OWNERSHIP FULL DETAILS

Gulf African Bank (GAB), whose full name is Gulf African Bank Limited, is a commercial bank in Kenya operating under an Islamic banking regime. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]

As of December 2014 the bank was a mid-sized financial services provider in Kenya. Its total assets were valued at approximately US$191.8 million (KES:19, 753, 647 billion), with customer deposits totalling approximately US$153.3 million (KES:15.8 billion), and shareholders’ equity estimated at approximately US$30.6 million (KES:3.15 billion).[2] At that time, the bank was ranked number 25, by assets, out of the 43 licensed banks in Kenya then.[3] The bank has plans to enter Uganda and Tanzania.[4]

History

Discussions to establish the bank started in 2005, by individuals and institutions from the Persian Gulf and Kenya. The bank began banking operations in 2008, after receiving a commercial banking license and authorisation to establish a Sharia bank, from the Central Bank of Kenya. Gulf African Bank is the second commercial bank in Kenya to receive authorisation to practice Sharia banking, after First Community Bank, which opened in 2007. At the time it opened, Gulf African Bank’s capital base totalled over US$21 million (KES:1.75 billion).[5]

Ownership

The shares of stock in Gulf African Bank are privately held by institutional and private investors from the Persian GulfKenya and the United States of America. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the investors listed in the table below. In September 2012, the International Finance Corporation acquired 16% shareholding in the bank for US$5 million. It is not clear how the shareholding will look after the money changes hands.[6][7]

Gulf African Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Istithmar PJS of United Arab Emirates – A Private Equity Firm32.0
2BMI Bank of Bahrain21.3
3Sheikh Abdallah Mohammed Al Romaizan of Saudi Arabia – An Individual21.3
4GulfCap Group of United Arab Emirates – A Private Investment Company10.3
5PTA Bank of Eastern and Southern Africa – A Multinational Development Bank5.3
6International Finance Corporation (IFC), An affiliate of the World Bank16.0
7Other Individual Investors from Kenya and the Persian Gulf9.8
Total100.00
  • The totals are off because shareholding data after IFC investment is lacking.

Branch network

As of August 2014, the bank operates a network of branches at the following locations:[8]

  1. Head Office – Geminia Insurance Plaza, Kilimanjaro Avenue, Nairobi
  2. Lamu Branch – Old Telkom Office, Jomo Kenyatta Road, Lamu
  3. Kenyatta Avenue Branch – Ground Floor, Hughes Building, Kenyatta Avenue, Nairobi
  4. Eastleigh Branch II – Shariff Centre Building, Jam Street, EastleighNairobi
  5. Bombolulu Branch – Madina Estate, New Mombasa-Malindi Highway, BomboluluMombasa
  6. Westlands Branch – 9 West Building, WestlandsNairobi
  7. Enterprise Branch – Addis Ababa Road, Off Enterprise Road, Nairobi
  8. Upper Hill Branch – Ground Floor, Geminia Ins. Plaza, Kilimanjaro Ave., Upper HillNairobi
  9. Jomo Kenyatta Branch – Kasa Building, Jomo Kenyatta Avenue, Mombasa
  10. Malindi Branch – Blue Marlin Building, Lamu Road, Malindi
  11. Garissa Branch – First House, Al-Waqf Quran House, Kismayu Road, Garissa
  12. Nkrumah Road Branch – Najat House, Nkrumah Road, Mombasa
  13. Eastleigh Main Branch – Eastleigh Mall Building, General Wariunge Street, EastleighNairobi
  14. Bondeni Branch – Abdel Nasser Road, BondeniMombasa
HEAD OFFICEMALINDI BRANCHGARISA BRANCH
Geminia Insurance Plaza,
Kilimanjaro Avenue.
Blue Marlin Building,
Lamu Road.
Al-Waqf Quran House 1st floor,
Kismayu Road.
LAMU BRANCHJOMO KENYATTA MOMBASANKURUMAH BRANCH-MOMBASA
Old Telkom Office,
Jomo Kenyatta Road.
Kasa Building,
Jomo Kenyatta Avenue.
Najat House,
Nkrumah Road.
KENYATTA AVENUE-NAIROBIUPPERHILL BRANCH- NAIROBIEASTLEIGH MAIN- NAIROBI
Hughes Building,
Kenyatta Avenue, Ground Floor.
Geminia Insurance Plaza,
Ground Floor – Kilimanjaro Avenue.
Eastleigh Mall Building,
General Wariunge Street.
EASTLEIGH SHARIFF CENTRE-NAIROBIENTERPRISE – NAIROBIBONDENI – MOMBASA
Shariff Centre Building , Jam Street .Addis Ababa Road, Off Enterprise RoadAbdel Nasser Road .
BOMBULULU – MOMBASAWESTLANDS – NAIROBIELDORET BRANCH
Madina Estate, Opposite Khadija Primary School New Msa – Malindi Highway .9west BuildingKago Street, Off Uganda Rd 
P.O. Box 3463-30100 
Eldoret, Uganda Road post Office
NAKURU BRANCH
Kenyatta Avenue Street, 
P.O. Box 18939-20100,
Nakuru

GULF AFRICAN BANK Branch  Name Branch Code

1 Head Office 72001

2 Upperhill 72002

3 Eastleigh 72003

4 Kenyatta Avenue 72004

5 Mombasa 72005

6 Garissa 72006

7 Lamu 72007

8 Malindi 72008

9 Muthaiga 72009

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