NIC Bank Ranked first in Corporate Governance

NIC Bank's latest win at the 2006 Financial Reporting Awards, are in recognition of the Bank's outstanding efforts in financial reporting in order to promote transparency and accountability at all levels of its management.

The Financial reporting excellence award goes a long way in confirming NIC Bank's non-wavering commitment and strict compliance to Corporate Governance. By excelling in each criterion for the Corporate Governance Award, NIC Bank endeavors to deliver a consistently better service to the customer while adhering to the best practices for corporate governance.

The Corporate Governance category now combines corporate governance, corporate social responsibility and environmental reporting. NIC Bank emerged at the top of the ranks in terms of social responsibility and environmental reporting due to its commitment to improving the society and the environment within which it operates.

The Bank achieved this feat through strict compliance with relevant codes of best practice, clear statements on separation and distribution of powers between Board of Directors and Management, Board composition, mix of skills and competencies of directors amongst other criteria for Corporate Governance. It also had specific actions for the improvement of the welfare of society, staff and the environment.

The awards add to the rapidly growing portfolio of honors the established commercial bank has gained over the last few years, including a win at last year's FiRe Awards. NIC Bank is currently among the top ten largest banks by shareholder funds and constantly works towards its aim to be the preferred leading financial services provider to the Kenyan market through the establishment of long term, profitable relationships with clients. Introducing innovative services and products has enabled NIC maintain its position as a leader in the banking industry.

A homegrown bank, NIC has a significant capital base of more than Ksh2.8 billion, a very high capital adequacy ratio and an excellent liquidity position. The bank's strong capital base is a prudent measure and ensures that NIC has the necessary resources for future expansion. NIC Bank shares have been quoted on the Nairobi Stock Exchange since 1971 and now has over 18,000 shareholders.

The bank has been awarded two international ratings by Fitch (formerly Thompson Financial Bank Watch) and Global Credit Rating Company Africa as well as achieving a national rating by Market Intelligence, a leading Kenyan business journal.

NIC Bank - Your Kind of Bank .