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NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT THE TWENTY SIXTH ANNUAL GENERAL MEETING OF THE COMPANY WILL BE HELD AT THE CROWNE PLAZA HOTEL NAIROBI ON WEDNESDAY, 25TH JULY 2018, AT 12.30 P.M. TO TRANSACT THE FOLLOWING BUSINESS:-

 AGENDA

 ORDINARY BUSINESS

  • To table the proxies and note the presence of a quorum.
  • To read the notice convening the meeting.
  • To confirm the minutes of the Twenty Fifth Annual General Meeting held on the 27th July 2017.
  • To receive, consider and, if approved, adopt the Audited Accounts of the Company for the year ended 31st December 2017, together with the Directors` and Auditors` report thereon.
  • To authorize the board to fix the Directors` remuneration.
  • To elect Directors :
  • Raymond O. Omollo retires from the Board by rotation in accordance with Article 112 as read with Article 114 of the Articles of Association, and being eligible, offers himself for re-election.
  • Joseph Kipketer Koskey retires from the Board by rotation in accordance with Article 112 as read with Article 114 of the Articles of Association, and being eligible, offers himself for re-election.
  • To appoint Ernst & Young, as auditors of the Company pursuant to Section 721 (1) & (2) of the Companies Act, 2015, and to authorize the Directors to fix the auditors  remuneration for 2018

SPECIAL BUSINESS

  • To consider and, if thought fit, pass the following resolutions:

ORDINARY RESOLUTIONS

  • That the share capital of the Company be increased from Kenya Shillings Two Billion Seven Hundred Million (KSH. 2,700,000,000.00) divided into Fifty Five Million (55,000,000) Ordinary Shares of Kenya Shillings Twenty (KSH.20.00) each and Eighty Million (80,000,000) non-cumulative non-redeemable preference shares of Kenya Shillings Twenty (KSH.20.00) each to Kenya Shillings Three Billion Two Hundred Million (KSH. 3,200,000,000.00) divided into Eighty Million (80,000,000) Ordinary Shares of Kenya Shillings Twenty (KSH.20.00) each and Eighty Million (80,000,000) non-cumulative non-redeemable preference shares of Kenya Shillings Twenty (KSH.20.00) each by the creation thereto of Twenty Fifty Five Million (25,000,000) Ordinary Shares of Kenya Shillings Twenty (KSH.20.00) each ranking pari pasu with the existing ordinary shares.
  • That, in accordance with Article 53 of the Company’s Articles of Association, the Company allots and issues Twenty Five Million (25,000,000) ordinary shares to the National Treasury in consideration of Kenya Shillings Five Hundred Million (KSHs.500,000,000.00) already received by the Company and that such sum shall be deemed to be payment in full for the shares so allotted and such shares to rank pari passu with the existing issued ordinary shares of the Company.
  • That the Company’s Board of Directors be and is hereby instructed and authorized to take all such actions as are necessary to give effect to the resolutions above.
  • To transact any other business that may be transacted at the Annual General Meeting.

Dated at Nairobi this 2nd  day of July 2018

BY ORDER OF THE BOARD

WAKONYO IGERIA

Company Secretary

Download PDF: 2018 AGM NOTICE 02.07.2018

COMMENTARY ON THE 1STQUARTER 2018 RESULTS

Financials

  • The bank’s performance for the first quarter 2018 was adversely affected by the difficult operating environment, the impact of interest rates capping and lack of adequate capital to meet regulatory requirements and implement the business strategy.
  • The net advances declined by 9% to Kshs 7.9 billion in March 2018 compared to Kshs 8.7 billion the same period last year while customer deposits declined by 8% to Kshs 8.4 billion from Kshs 9.2 billion the same period last year.
  • Interest income declined by 13% to Kshs 304 million from Kshs 344 million while interest expense declined by 18% to Kshs 208 million from Kshs 218 million. Overall the net interest income declined to Kshs 95 million from Kshs 126 million the same period last year.
  • Operating expenses declined by 13% to Kshs 326 million due to decline in impairment charge.
  • The bank recorded a pre-tax loss of KShs 138 million in the period ending 31 March 2018.

Strategic Positioning

  • Consolidated Bank is 100% owned by the Government of Kenya. The National Treasury owns 78% of the ordinary share capital; the National Social Security Fund owns 5% while other state corporations own the balance of 17%.
  • Capital determines the volume of business a bank can underwrite. The Board of Directors of Consolidated Bank has been consulting the National Treasury with a view of unlocking the full potential of the bank through recapitalization.
  • On the basis of these consultations, the National Treasury injected bridging capital of Kshs 500 million on 21 May 2018 to immediately shore up the capital levels and support the bank as it implements a long term recapitalization solution. Further consultations with the other shareholders are ongoing.
  • A Transaction Advisor was appointed on 10th May 2018 to facilitate implementation of the long term capital solution.
  • The Transaction Advisor is currently undertaking a comprehensive due diligence on thebank after which they will advise and help implement the most appropriate capital raising option .
  • The bank continues to provide excellent customer service underpinned by an excellent technology platform that allows customers to transact at any of our branches and through the digital channels.

The Board of Directors, Management and Staff of Consolidated Bank wishes to thank all our customers for their continued loyalty and support. We look forward to serving you better with more innovative products and services because we know WE’RE BETTER TOGETHER.

Download(pdf): Financials Commentary

 

Customer Newsletter – December 2017 Issue

Welcome to the second issue of the Sorter year 2017. The past half year has been good and the second half has been even better with a beehive of activities which include but are not limited to:
• The Customer Service week
• Corporate Social Responsibility Initiatives
• EMV MasterCard Migration
• Q-Less Banking upgrade (Digital Banking)

Download PDF Issue

Customer Newsletter – January 2017 Issue

2016 was a unique year in many aspects for Consolidated Bank and the wider banking industry. The Banking (Amendment) Bill 2015 has profoundly changed the Kenyan financial services industry. The impact has been immense and I am sure you too have felt it in your daily lives. The new law pegs interest rates for credit and deposit products to the Central Bank Rate.

Download PDF Issue

Interbanks Sports Tournament 2017

CONSOLIDATED BANK TEAM AND CENTRAL BANK GOVERNOR PATRICK NJOROGE

Consolidated Bank Football Team and Central Bank Governor Patrick Njoroge Continue Reading…

Customer Service Week

Officials from The institute of Customer Experience(ICX) led by Ms. Purity Mithika present a Nomination Award for Most Sustainable initiative – during the Customer Service Week 2017 to our CEO - Mr. Thomas Kiyai who is accompanied by CCO - Mr. Japheth Kisilu and Marketing Manager - Ms. Martha Kibi.

Officials from The institute of Customer Experience(ICX) led by Ms. Purity Mithika present a Nomination Award for Most Sustainable initiative – during the Customer Service Week 2017 to our CEO Continue Reading…

2017 AGM NOTICE AND AGENDA

NOTICE IS HEREBY GIVEN THAT THE TWENTY FIFTH ANNUAL GENERAL MEETING OF THE COMPANY WILL BE HELD AT THE CROWNE PLAZA HOTEL NAIROBI ON THURSDAY, 27TH JULY 2017, AT 12.00 P.M.

AGENDA

1. To read the notice convening the meeting.

2. To confirm the minutes of the Twenty Fourth Annual General Meeting held on the 15th July 2016.

3. To consider and, if approved, adopt the Financial Statements of the Company for the year ended 31st December 2016, together with the Directors` and Auditors` report thereon.

4. To authorize the board to fix the Directors` remuneration. Continue Reading…

Audited Financials for the period ending 31st December 2016

Financial performance

The Bank’s financial performance for the year 2016 has been influenced by both external and internal
factors which include the difficult economic environment, the turbulence experienced in the banking sector, the implementation of interest rates capping in the fourth quarter and the lack of adequate capital to meet regulatory requirements and support execution of the Bank’s business plan for the year.

Continue Reading…

Junior Savers Day- Fun while Banking

Saturday 27th August 2016
Nyeri Branch

On 27th August 2016, Nyeri Branch held an event for their children’s account dubbed ‘Junior Savers Day’ at the branch. The event attracted over 100 children who got the opportunity to see and learn how the bank works and the importance of saving. It was not all serious however as the children got to participate in fun games with our bank staff. There were plenty of snacks to go around as well.
Continue Reading…

CONSOLIDATED BANK LIMITED STATEMENT ON FINANCIAL PERFORMANCE FOR THE QUARTER ENDED JUNE 2016

Consolidated Bank released its first half 2016 financial results on 29th August 2016, recording growth in net advances of 4 per cent to Kshs 9.11 billion in June 2016 compared with Kshs 8.80 billion as at 30 June 2015. The non-funded income increased by 99 per cent to Kshs 389 million from Kshs 196 million the same period last year due to increase in write backs from recovery of nonperforming loans to Kshs 125 million from Kshs 16 million the same period last year.

Continue Reading…