Name: GIRO COMMERCIAL BANK
Item: GIRO COMMERCIAL BANK
Author: Admin

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 marketplace 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 principle 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 marketplace. It was then decided to convert CCF into a commercial bank under the name of Commerce Bank Limited.
The two institutions ran parallel for some time 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.
On September 7, 2015, I&M Holdings announced the acquisition of Giro Commercial Bank and merging of its business with that of I&M Bank Kenya.

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GIRO COMMERCIAL BANK

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