Corporate Governance

Our History

ABC Bank was started in 1981, as a financial institution named Consolidated Finance Company Limited. It was born out of the vision of a group of experienced bankers, industrialists, and prominent advocates, who wanted to make a significant contribution in availing financial solutions specific to the unique business in Kenya.

At the time of its inception, the market lacked options for consumers in terms of personalized service and tailor-made solutions. Consolidated Finance Company Limited opened its doors on 13th of November 1984 to address this market need, with its registered office in Nairobi, Kenya. The growth of Consolidated Finance Company Limited was rapid yet steady over the first nine years and by 1994, Consolidated Finance Company Limited became one of the leading Financial Institutions in the country.

With this solid background and the continued reforms in banking regulations, Consolidated Finance Company had positioned itself to take advantage of these changes to offer more services and support to its customers. Thus, upon gazettement of legislation allowing financial institutions to convert into banks, Consolidated Finance Company immediately transformed, giving rise to African Banking Corporation Limited (ABC), which officially opened its doors in January, 1995.

Corporate Governance

ABC is fully committed to the principles of transparency, integrity and accountability. The Directors are ultimately accountable to all stakeholders for ensuring that the bank’s business is conducted in accordance with high standards of corporate governance. Of particular importance to the bank are the observance of shareholders’ interest, efficient practices and open corporate communication systems.

Corporate Governance Awards

The Bank has consistently demonstrated commitment to strong governance system, for which it has won awards in various categories since 2007.

Year Award Position Presented by Comment
2016 Champions of Governance 2nd Runners Up – Institute of Certified Public Secretaries of Kenya (ICPSK). Financial and Investments sector category
2016 Product Innovation 1st Runners Up Think Business Best Bank in Product Innovation
2015 The Think Business
Banking Awards
1st Runners Up Think Business Best Bank in Product Innovation
2014 Champions of
Governance Award
1st Runners Up Overall Institute of Certified Public Secretaries of Kenya (ICPSK) First non-listed bank to win Champions of Governance Award
2014 Champions of
Governance Award
1st Runners Up Institute of Certified Public Secretaries of Kenya (ICPSK) Finance and Investment Category
2014 The Think Business
Banking Awards
1st Runners Up Think Business Best Bank in Internet Banking
2013 Champions of
Governance Award
2nd Runners Up Institute of Certified Public Secretaries of Kenya (ICPSK) Corporate Governance Award– Finance and Investments Sector
2013 The Think Business
Banking Awards
1st Runners Up Think Business Fastest Growing Bank.
2013 The Think Business
Banking Awards
2nd Runners Up Think Business Best Bank in Product Innovation
2013 The Think Business
Banking Awards
1st Runners Up Think Business Best Bank in Technology Use
2012 The Think Business
Banking Awards
1st Position Think Business Best Bank in Kenya Tier III
2012 The Think Business
Banking Awards
2nd Runners Up Think Business Best Bank in SME Banking
2012 The Think Business
Banking Awards
2nd Runners Up Think Business Best Bank in Product Innovation
2011 The Think Business
Banking Awards
2nd Runners Up Think Business Innovation Award
2010 The Think Business
Banking Awards
1st Runners Up Think Business Best Bank in Customer Satisfaction
2009 The Think Business
Banking Awards
1st Position Think Business Best Bank in Kenya Tier III
2007 The Think Business
Banking Awards
2nd Runners Up Think Business Best Bank in Product Marketing
2007 The Think Business
Banking Awards
1st Runners Up Think Business Best Bank in Customer Satisfaction

The awards would not have been possible without successful and thorough due diligence by the awarding bodies, namely, Think Business and the Institute of Certified Public Secretaries of Kenya (ICPSK)

The Champions of Governance (COG) Awards is an annual award program specifically for organizations and companies in an area that has not received specific attention. The COG is an exercise that objectively seeks to identify and publicly recognize organizations/companies that demonstrate excellence and integrity in their governance systems, leadership and management practices.

The assessment process involved having an interactive session with the Group Managing Director and the team of Managers of ABC Bank. The presentations focused on the performance in the ten governance parameters: Transparency and disclosure, Adherence to laws and Regulations, Annual General Meeting and other members’ meetings, service to members, communication and public education, Board independence and governance, Board systems and procedures, consistent shareholder and stakeholder value enhancement, and Leadership and Strategic Management (Strategy, Creativity and innovation, Human Resources, Finance and Commendations).

The assessment tool was administered and evidence requested (supporting documentation). Thereafter the ICPSK team of consultants complied and presented to the Bank a corporate governance report addressing the main areas of strength as well as areas recommended for improvement.

In a bid to further enhance transparency in the ownership structure of ABC Bank in line with the Central bank of Kenya Prudential Guideline on Corporate Governance Clause 3.14.4, we disclose companies and individuals with more than 5 per cent shareholding as: Queens Holdings Ltd (25.000 percent), Mr. Ashraf Savani (24.996 per cent), Cartridge Recharge Kenya Ltd (24.985 per cent) and Mr. Yasin Bhura (18.182 per cent).

The percentage of the number of individual shareholders is 66.67 and the percentage of corporate shareholders is 33.33. The percentage of the number of local shareholders is 83.33, and the percentage of the number of  foreign shareholders is 16.67.

The Board of Directors comprises seven highly qualified professionals with diverse professional backgrounds ranging from banking, legal and financial advisory services.

The seven members:

  1. Mr. Richard Omwela- Independent Non-Executive Chairman
  2. Mr. Ashraf Savani- Non-Executive Director
  3. Mr. Joseph Muiruri- Independent Non-Executive Director
  4. Mr. Alban Mwendar- Independent Non-Executive Director
  5. Mr. Shamaz Savani- Executive Director
  6. Mr. Sridhar Natarajan- Executive Director

The Board is responsible for formulating the Bank’s policies and strategies and ensuring that business objectives, aimed at promoting and protecting shareholder value, are achieved. The Board also retains the overall responsibility for effective control of the Bank and implements its corporate governance policies.