The African Banking Corporation
African Banking Corporation was a British Overseas Bank, that is, it had a headquarters in London but all its branches were overseas. Unusually, it was a consortium bank (i.e., other banks jointly owned it), rather than being owned by individuals. It operated primarily in South Africa. In 1920 the bank was bought out and merged with Standard Bank of South Africa.
African Banking Corporation Limited operates as a bank that provides financial products and services to individuals, small and medium enterprises, corporate organizations, Saccos, learning institutions, religious institutions, and service providers. It offers personal savings and investment accounts, fixed deposit accounts, personal current accounts, and money transfer services. The company also provides business current accounts; corporate current, collection, and tuition and operations accounts; and credit facilities, such as term loans, overdraft facilities, asset financing, cheque discounting, supply chain financing, construction and project finance, mortgage facilities, and trade finance. In addition, it offers global current, savings, youngsters, and salary accounts; global loan products, which include residential home, land purchase, and construction/development loans; and treasury services, including money markets products, as well as foreign exchange products that comprise spot foreign exchange, forward foreign exchange contracts, forwards-imports/exports, FX swap arrangements, and exchange bureau services. Further, the company offers alerts and e-statements, Internet and mobile banking, and agency services. African Banking Corporation Limited was formerly known as Consolidated Finance Company and changed its name to African Banking Corporation Limited in January 1995. The company was founded in 1984 and is based in Nairobi, Kenya. It has branches in Nairobi, Mombasa, Kisumu, Eldoret, Meru, and Lamu, Kenya. African Banking Corporation Limited operates as a subsidiary of ABC Holdings Limited.