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]

Victoria Commercial Bank Limited
TypePublic
IndustryFinancial Services
Founded1987 (age 33–34)
HeadquartersNairobi, Kenya
Key people
Kanji D Pattni
Chairman
Yogesh K Pattni
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueAftertax: US$5.95 million (KES:592.39 million) (2016)
Total assetsUS$225.2 million (KES:22.4 billion) (2016)
Number of employees
61 (2015)
WebsiteHomepage

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]

Victoria Commercial Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Kanji D. Pattni
13.02
2Kingsway Investments
8.96
2Orchid Holdings
8.33
2Rochester Holdings
7.13
274 Others
62.56
Total
100.00

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
  1. 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.
  2. 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.
  3. VCB (14 July 2016). "Victoria Commercial Bank: About Us: Company Profile". Nairobi: Victoria Commercial Bank (VCB). Retrieved 14 July 2016.
  4. Neptune, Software (20 October 2008). "Kenya's Victoria Commercial Bank Signs for Neptune Platform". Finextra.Com. Retrieved 4 August 2014.
  5. Mboya, Elvis (19 April 2018). "Victoria Bank keeps bad loans at zero per cent". Business Daily Africa. Nairobi. Retrieved 20 April 2018.
  6. VCB (7 March 2017). "Audited 31 December 2016 Financial Report" (PDF). Nairobi: Victoria Commercial Bank (VCB). Retrieved 19 April 2017.
  7. VCB (31 December 2017). "Victoria Commercial Bank: Significant Shareholders". Nairobi: Victoria Commercial Bank (VCB). Retrieved 20 August 2017.
  8. Ngigi, George (13 July 2016). "Victoria Bank retains rating on clean loans records". Business Daily Africa. Nairobi. Retrieved 14 July 2016.
  9. Herbling, David (20 August 2017). "Victoria bank sees first default after 10 years". Daily Nation. Nairobi. Retrieved 20 August 2017.

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