Giro Commercial Bank Limited Description
Giro Commercial Bank Limited (GIRO) was launched in 1993. The original roots of the Bank go back to another institution, Credit & Commerce Finance Limited (CCF) a non-bank financial institution that commenced its operations in 1986.
CCF quickly established itself in the market place and was ranked amongst the top in its peer group. In order for CCF to expand and provide additional banking services like checking account facilities and foreign exchange business the main shareholders decided to apply for a banking license.
Initially the idea was to convert CCF to a commercial bank, but then Central Bank of Kenya (CBK) advice was to apply afresh for a separate commercial banking license. Giro Bank Limited was licensed in 1993. The two institutions complemented each other with Giro Bank Limited offering the full range of banking services with CCF creating a niche for itself in the Hire Purchase and trade finance sector.
In 1996, CBK introduced the principal of universal banking and encouraged non-bank financial institutions to convert into commercial banks and imposed cash ratio requirements on non-bank financial institutions, thus taking away any advantages the non-bank financial institutions enjoyed in the market place. It was then decided to convert CCF into a commercial bank under the name of Commerce Bank Limited.
The two institutions ran parallel for sometime until the management and principal shareholders took a decision to rationalize both businesses by way of a merger into a single entity to take advantage of the synergies, economies of scale and bring renewed focus to the business to improve service delivery and preserve its competitive edge. Following the merger in 1998, Giro Bank changed its name to Giro Commercial Bank Limited.
Giro Commercial Bank Limited has 7 branches, 5 in Nairobi and one each in Mombasa and Kisumu, with the head office at Eldama Park, Westlands.
Giro Commercial Bank Contacts
Physical Location: Kimathi St, Giro Hse
Postal Address: P. O. Box 46739
Postcode: 00100
City/Town: Nairobi Town, Kenya
Country: Kenya
Telephone: +254-20-340537
Cell phone: +254-20340544 +254-202216005 +254-202217776 +254-202217777
Email: girobank@girobankltd.com
Fax: +254-20-2246926