HF Group, whose official name is Housing Finance Company Limited (HFC Limited), but is commonly referred to as Housing Finance, is a mortgage finance provider in Kenya, the largest economy in the East African Community. The company is the only mortgage company regulated by the Central Bank of Kenya, the central bank and national banking regulator.
Housing Finance Company of Kenya Overview
Housing Finance Limited is a large mortgage finance company, serving the mortgage needs of the Kenyan population. As of December 2013, the company’s total assets were valued at approximately US$548.4 million (KES:47.4 billion), with shareholders’ equity of about US$67.8 million (KES:5.86 billion). At that time, the institution was ranked number 17, by assets, out of the 43 licensed banks and mortgage finance companies in Kenya, then. Shares of the stock of the holding company of this mortgage bank (Housing Finance Group of Kenya), are listed on the Nairobi Stock Exchange (NSE), where they trade under the symbol HFCK.
||18 November 1965
|DR. Kaushik Manek
||Loans, Checking, Savings, Investments, Mortgages
||Aftertax:US$11.7+ million (KES:995.2 million) (2013)
||US$548.4 million (KES:47.4 billion) (2013)
History of Housing Finance Company of Kenya
The company was established in November 1965, to promote a savings culture and home ownership among the citizens of newly independent Kenya. Major investors in the company included the Commonwealth Development Corporation (CDC), whose shareholding at one time was as high as 60%, and the Government of Kenya, which at one time owned 50% of the company. CDC has since divested from Housing Finance Limited and the Kenyan Government has substantially reduced its shareholding.
In 1992 Housing Finance Company of Kenya became listed on the Nairobi Stock Exchange, where it trades under the symbol HFCK. The company adopted the shorter name of Housing Finance Limited, in 2002. In 2010, the Central Bank of Kenya, authorized HFL to issue and operate checking accounts; having been authorized to issue and operate savings accounts in the past.
On June 30, 2014, British-American Investments Company (the second largest shareholder in HFCK) served the Housing Finance’s board with a takeover notice to acquire Equity Group Holdings Limited’s 24.76% shareholding in the mortgage financier. A move that would increase Britam’s stake to 46.08% and see Equity Group Holdings Limited end its seven-year investment in Housing Finance.
In December 2014, HFCK commenced a restructure of its operations. The restructure involved the following:
- The Incorporation of a new wholly owned subsidiary under the name “HFC Limited”.
- The transfer of the company’s banking and mortgage finance business to its newly incorporated subsidiary, HFC Limited.
- The changing of the company’s name to “HF Group Limited” and operating as a non-operating holding company. This is in accordance with the CBK Banking Act and Prudential Guidelines.
Housing Finance Company of Kenya is a wholly owned subsidiary of Housing Finance Group Limited, a non-operating holding company, whose shares trade on the Nairobi Stock Exchange.
The company maintains branches at the following locations:
- Rehani Branch – Rehani House, Kenyatta Avenue at Koinange Street, Nairobi
- Gill House Branch – Gill House, Moi Avenue, Nairobi
- Buru Buru Branch – Epren Centre, Buru Buru, Nairobi
- Mombasa Branch – Permanent House, Moi Avenue, Mombasa
- Nakuru Branch – AFC Building, Geoffrey Kamau Way, Nakuru
- Nyeri Branch – Kimathi Way, Nyeri
- Eldoret Branch -KVDA Plaza, Oloo Street at Utalii Street, Eldoret
- Kisumu Branch – Tivoli Centre, Court Road, Kisumu
- Thika Branch – Uhuru Street, Thika
- Meru Branch – Westwind Annex Plaza, Tom Mboya Street, Meru
- Kitengela Branch – Red Heron Centre, Kitengela
- Ongata Rongai Branch – Maasai Mall, Ongata Rongai
- Embu Branch
- Nanyuki Branch
- River Road Branch
- TRM Branch
- Sameer Park Branch
- Naivasha Branch
- Machakos Branch
- Hurlingham Branch
Dr. Kaushik Manek, is the Chairman of the board of directors. Robert Kibaara is the managing director of Housing Finance.
Head Office: Rehani House
Kenyatta Avenue / Koinange Street
PO Box 30088 – 00100 GPO
+254(20)-3262000, 0722715256, 0722708660, 0722201175, 0733617682
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