Corporate Governance


Our History



ABC Bank was started in 1981,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 is 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.

The Champions of Governance (COG) Awards is an annual award program that objectively seeks to recognize institutions and individuals that exhibit the highest standards of practice of good governance. The program is conducted by the Institute of Certified Secretaries of Kenya (ICS).

The assessment process focuses on the performance in implementing and complying with principles of good governance of responsibility, accountability, fairness and transparency.

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 six highly qualified professionals with diverse professional backgrounds ranging from banking, legal and financial advisory services.

The six 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.

YEARAWARDPOSITIONCATEGORYPRESENTED BY
2019Champions of GovernanceWinner Finance & Investment SectorInstitute of Certified Public Secretaries of Kenya (ICPSK)
2018Champions of Governance1st Runners Up Finance & Investment SectorInstitute of Certified Public Secretaries of Kenya (ICPSK)
2017Champions of Governance
Champions of Governance
Winner

1st Runners Up
2nd Runners Up
Most Improved OrganizationInstitute of Certified Public Secretaries of Kenya (ICPSK)
2016Champions of Governance2nd Runners Up Finance & Investment Sector
Champions of Governance
Institute of Certified Public Secretaries of Kenya (ICPSK)
2014Champions of Governance1st Runners Up  Overall
Finance & Investment Sector
Overall
Institute of Certified Public Secretaries of Kenya (ICPSK)
2013Champions of Governance2nd Runners UpFinance & Investment SectorInstitute of Certified Public Secretaries of Kenya (ICPSK)