HFC

Kenya Housing Finance Company Limited (HFC Limited), Commonly Referred To As Housing Finance, Is A Commercial Bank In Kenya, Regulated By The Central Bank Of Kenya, The Central Bank And The National Banking Regulatory Authority. HFC Is The Main Mortgage Lender In Kenya, And As Of December 2019, HFC Is The Second Largest Mortgage Lender In The Market With A Total Mortgage Loan Of 33.70 Billion Kenyan Shillings (approximately $302 Million). At That Time, Kenya Commercial Bank, The Largest Mortgage Lender In Kenya, Owned Mortgages Of 64.30 Billion Kenyan Shillings (approximately $577 Million).

Overview

Housing Finance Company Limited Is A Large Mortgage Finance Company That Serves The Mortgage Needs Of The Kenyan Population. As Of December 2020, The Company's Total Assets Were Valued At KSh55,445,249,000 (approx. $497 Million) And Shareholders' Equity Was 8.562 Billion KShs (approx. $76.80 Million).

History

The Company Was Established In November 1965 To Promote A Culture Of Savings And Home Ownership Among Newly Independent Kenyan Citizens. The Company's Anchors Include The Commonwealth Development Corporation (CDC), Whose Shareholding Ratio At One Point Reached As High As 60%, And The Kenyan Government, Which At One Point Owned 50% Of The Company. Since Then, CDC Has Divested From Housing Finance Limited And The Kenyan Government Has Significantly Reduced Its Shareholding Ratio.

In 1992, Kenya Housing Finance Corporation Was Listed On The Nairobi Stock Exchange Under The Stock Trading Symbol HFCK For Its Holding Company (Kenya Housing Finance Group). The Company Adopted The Abbreviation Housing Finance Limited In 2002. In 2010, The Central Bank Of Kenya Authorized HFL To Issue And Operate Checking Accounts; In The Past It Has Been Authorized To Issue And Operate Savings Accounts.

On June 30, 2014, Anglo American Investment Corporation (HFCK's Second Largest Shareholder) Issued A Takeover Notice To The Housing Finance Board To Acquire Equity Group Holdings Limited's 24.76% Stake In The Mortgage Finance Institution. The Move Increased Britam's Stake In HFCK To 46.08%. With The Completion Of This Transaction, Equity Group Holdings Limited Has Ended Its Seven-year Investment In Housing Finance.

Formation Of A Holding Company

In December 2014, HFCK Commenced A Restructuring Of Its Business. The Restructuring Involved The Following: (a) Formation Of A New Wholly-owned Subsidiary Under The Name "HFC Limited"; (b) Transfer Of The Company's Banking And Mortgage Business To Its Newly-formed Subsidiary, HFC Limited; And (c) Change Of Company Name To "HF Group Limited" And Operate As A Non-operating Holding Company. This Is In Accordance With The CBK Banking Act And The Prudential Code.

Ownership

Kenya Housing Finance Corporation Is A Wholly Owned Subsidiary Of Housing Finance Group Limited, A Non-operating Holding Company Whose Shares Are Traded On The Nairobi Stock Exchange.

The Company Has Branches In The Following Locations:

1. Rehani Branch - Rehani House, Kenyatta Avenue At Koinange Street, Nairobi
2. Gill House Branch - Gill House, Moi Avenue, Nairobi
3. Buru Buru Branch - Epren Centre, Buru Buru, Nairobi
4. Mombasa Branch - Permanent House, Moi Avenue, Mombasa
5. Nakuru Branch - AFC Building, Geoffrey Kamau Way, Nakuru
Li >
6. Nyeri Branch - Kimathi Way, Nyeri
7. Eldoret Branch - KVDA Plaza, Oloo Street At Utalii Street, Eldoret
8. Kisumu Branch - Tivoli Centre, Court Road, Kisumu
9. Thika Branch - Thika Uhuru Street, Thika
10. Meru Branch - Westwind Annex Plaza, Tom Mboya Street, Meru
11. Kitengela Branch - Red Heron Centre, Kitengela
12. Ongata Rongai Branch - Maasai Mall, Ongata Rongai
13. Comarok
14. Embu Branch
15. South Nuqui Branch
16. River Branch
17. TRM Branch
18. Sameer Park Branch
19. Naivasha Branch
20. Machakos Branch
21. Herlingham Branch.

Governance

Kaushik Manek Is The Chairperson Of The Board Of Directors Of HFCG, The Group Holding Company. Robert Kibaara Is The Group Managing Director Of The Kenya Housing Finance Group. Peter Oduori Is The Managing Director And Chief Executive Officer Of The Kenya Housing Finance Corporation, The Group's Banking And Mortgage Subsidiary.