DBK was a small bank in Kenya, East Africa's largest economy. As of December 2013[update], the bank's total assets were valued at about US$34.4 million (KES:2.92 billion). As of December 2013[update], the bank was ranked number forty-three, by assets, out of forty-three licensed commercial banks in Kenya.[2] In August 2015, the bank was placed under receivership by the Central Bank of Kenya.[3]
The bank was established in 1982, originally as a branch of Bank of Oman. The assets and liabilities of the bank were subsequently acquired by Mashreq Bank Plc. In 2000, those assets and liabilities were acquired by the present shareholders, who rebranded the institution to Dubai Bank Kenya Limited.[4]
On August 14, 2015, Dubai Bank was placed under statutory management by the Central Bank of Kenya for a period of one year with Kenya Deposit Insurance Corporation (KDIC) as the receiver manager. The bank had been experiencing liquidity and capital deficiencies and breaching its daily cash reserve ratio. These factors raised concerns on whether the bank would be able to meet its financial obligations.[3] KDIC's report to the CBK on August 24, 2015 showed that there was no way to save the troubled bank and recommended that the bank be liquidated.[5][6][7]
Before being placed under receivership, the bank was governed by a six-person Board of Directors. Hassan Zubeidi, one of the non-executive directors is the Chairman of the Board. The managing director was Binay Dutta.[9]
Aftertax: US$38,400+ (2008)
