NIC was incorporated in Kenya on 29th September 1959, when Standard Bank Limited ("Standard") and Mercantile Credit Company Limited (Mercantile) -both based in the United Kingdom - jointly formed the company. The company was amongst the first non-bank financial institutions to provide hire purchase and installment credit finance facilities in Kenya.
NIC became a public company in 1971 and is currently quoted on the Nairobi Stock Exchange with approximately 21,000 shareholders. Barclays Bank of Kenya Limited acquired 51% of NIC's total shares through the acquisition of Mercantile in the 1970s and Standard's shareholding in NIC in the 1980s. Between 1993 and 1996, BBK divested its shares, selling 38% of its shares to the public in 1994, and the remaining 20% in 1996 to the First Chartered Securities Group (FCS).
Due to changing trends, regulatory requirements in the Kenyan banking industry and the need to meet growing customer requirements, NIC obtained a commercial banking license in 1995. In order to effectively diversify into mainstream commercial banking, NIC Bank merged in November 1997 with African Mercantile Bank Limited (AMBank), which was then owned by FCS, by way of a share swap. The purpose of this merger was to allow NIC Bank to enhance its market position, provide a broader and more efficient range of services to its customers and increase the returns to shareholders.
NIC Bank Accolades and Awards
NIC Bank was among the first Kenyan banks to obtain an international rating from Fitch who are among the three leading independent global names in Bank risk analysis. The most recent rating was conducted in 200• NIC Bank Accolades and Awards
NIC Bank was among the first Kenyan banks to obtain an international rating from Fitch who are among the three leading independent global names in Bank risk analysis. The most recent rating was conducted in 2007. NIC Bank prides itself in having won the following prestigious awards:
- 2007 Financial Reporting (FIRE) Award
-Overall winner in the banking category,
-1st Runners Up in the category of all listed companies
-2nd Runners Up in Corporate Governance.
- 2006 Financial Reporting (FIRE) Award
- Best Institution in Corporate Governance
- 2005 Financial Reporting (FIRE) Award
- 1st Runners up Financial Reporting Banks Category
- 1st Runners up Corporate Governance Category
Additional Services Offered
Whilst the Bank provides the usual array of banking products e.g. demand, call and time deposit accounts, overdrafts and loans, in Local and all major foreign currencies, we also offer the following additional services, which are available to all our customers:
- Electronic banking facilities (NIC Online & NIC Mobile)
- Trade Finance for both imports and exports including Letters of Credit, Bills for Collection, Foreign Exchange dealing etc.
- Asset Finance including staff car loan schemesCash management products e.g. Paynet and Tradenet
- Custodial Services
- Bulk cash handling
- Insurance Premium Financing
- Private banking services for high net-worth customers
- Automated Teller Machines (ATM's)
For further information on NIC Bank, kindly contact: The Communications & Corporate Affairs Manager on 2888550.
