Tier 1 banks include the large banks that have been operating in Kenya for many years. All the banks have millions of customers and collective assets of around 100 billion Kenyan shillings. The tier 1 banks are the safest banks and earn a huge amount of profit every year. Tier 1 banks have a strong hold on the market as all the banks collectively control around 49.9 per cent of our market.
Kenyan tier 1 banks list
Now, have a look at the name of five top-tier banks which are ruling the banking industry of Kenya
1. Equity Bank
Equity Bank was incorporated in 2014, formed after the restructuring of parent company Equity Group Holdings Limited. Equity Bank is a commercial bank, which is regulated by the Central Bank of Kenya. Equity Group Holdings Limited is one of the largest commercial organizations in the entire African continent.
2. Kenya Commercial Bank (KCB)
KCB, one of the largest and oldest commercial banks of Eastern Africa, began as a branch of the National Bank of India at Zanzibar in 1896. In 1970, the government changed its name to KCB after acquiring a majority share. In 2015, KCB received credit ratings of B+ and B1 from S&P and Moody’s rating agencies respectively.
Barclays entered the country a century ago. It is Kenya’s top financial services provider mainly due to its local and international resources. Barclays has an extensive presence across Kenya with 100 banking outlets and more than 210 ATMs.
4. Cooperative Bank
Cooperative bank of Kenya was founded in 1965 and was initially incorporated under the Cooperative Societies Act. The bank held on to this status until June 27, 2008 after which it was incorporated under the Companies Act in order to comply with the basic requirements for getting enlisted in the Nairobi Securities Exchange.
5. Standard Chartered Bank
Standard Chartered Bank was founded in 1911 with its first branch was set up in Mombasa’s Treasury Square. In 1989 it was listed on the Nairobi Securities Exchange. There are around 30,000 stakeholders in the company. Standard Chartered bank employs 1,600 people across its 36 branches, and offers 108 ATMs.