Paramount Universal Bank

Paramount Universal Bank is a Kenyan commercial banking brand associated with retail banking and money-transfer services. The institution traces its origins to Combined Finance Limited, a deposit-taking non-bank financial institution established in 1993. At formation, the business had share capital of approximately US$300,000, equivalent to about KES 25 million at the time. Following an increase in capital and the granting of a commercial banking licence in 1995, Combined Finance changed its name to Paramount Bank Limited and began operating as a bank. The present institution was created in 2000 when Paramount Bank merged with Universal Bank Limited. The merger established the Paramount Universal Bank name and expanded the institution's position within Kenya's regulated banking sector. The bank operated as a privately held company, with ownership not publicly identified in the available reference material. Paramount Universal Bank was described as a small retail-oriented bank serving the Kenyan market. Its branch network included locations in Nairobi, Mombasa, and Eldoret, with the Westlands branch in Nairobi identified as the main branch. Other listed Nairobi locations included Parklands, Kimathi House in the city centre, Koinange Street, and the Industrial Area. The bank also maintained branches in Mombasa and Eldoret. This network gave the institution a physical presence in several important commercial centres while remaining substantially smaller than Kenya's largest banks. The bank was licensed by the Central Bank of Kenya, the country's banking regulator, and was identified as one of Kenya's commercial banks. In December 2013, it ranked 37th by assets among 43 licensed commercial banks in Kenya, indicating a relatively modest market position at that time. The bank was also an active member of the MoneyGram money-transfer network, giving it a role in remittance and transfer services in addition to its core banking activities. Available material does not provide reliable information about the bank's current ownership, senior executives, financial performance, product-level branding, later mergers, or current branch footprint. Consequently, the documented profile is strongest for the institution's origins, 1995 banking conversion, 2000 merger, Kenyan regulatory status, retail orientation, and historical branch network.

Paramount Universal Bank's history begins in 1993, when Combined Finance Limited was established in Kenya as a deposit-taking non-bank financial institution. Its initial share capital was reported at approximately US$300,000, or KES 25 million. The institution subsequently increased its share capital and obtained a commercial banking licence. In 1995, it adopted the name Paramount Bank Limited and commenced commercial banking operations. A major structural change occurred in 2000, when Paramount Bank merged with Universal Bank Limited. The combined institution became Paramount Universal Bank, the name under which it was described as a Kenyan commercial bank. The merger is the principal documented turning point in the institution's corporate history and explains the composite name used by the bank. The bank developed as a relatively small retail bank rather than as one of Kenya's dominant nationwide banking groups. Its historical branch network included several Nairobi outlets, notably Westlands, Parklands, Kimathi House, Koinange Street, and the Industrial Area, as well as branches in Mombasa and Eldoret. The Westlands outlet, located at Sound Plaza on Woodvale Grove, was identified as the main branch in the available branch listing. These locations placed the bank in Nairobi's commercial districts and in two other major Kenyan urban centres. Paramount Universal Bank was licensed by the Central Bank of Kenya and was included among the country's commercial banks. A December 2013 sector ranking placed it 37th by assets out of 43 licensed commercial banks, illustrating its smaller scale relative to leading Kenyan institutions. The bank also participated in the MoneyGram money-transfer network, broadening its service profile beyond conventional deposit and lending activities to include remittance transactions. As of August 2014, the bank was described as privately held, while the identities of its owners were not publicly known in the cited material. The available sources do not establish a detailed executive history, later ownership changes, financial results, product catalogue, or present-day branch and licensing status. Accordingly, the documented history should be understood as a historical account centred on the 1993 establishment of Combined Finance, the 1995 conversion into Paramount Bank, and the 2000 merger with Universal Bank.

• 2014

  Private ownership reported

  [1]Paramount Universal Banken.wikipedia.org

  As of August, the bank was described as privately held, although the available source did not identify its owners.

• 2013

  Ranked among Kenya's smaller licensed banks

  [1]Paramount Universal Banken.wikipedia.org

  A December sector ranking placed the bank 37th by assets among 43 licensed commercial banks in Kenya.

• 2000

  Merger with Universal Bank

  [1]Paramount Universal Banken.wikipedia.org

  Paramount Bank merged with Universal Bank Limited to form Paramount Universal Bank.

• 1995

  Commercial banking licence and rebrand

  [1]Paramount Universal Banken.wikipedia.org

  After increasing its share capital and receiving a commercial banking licence, Combined Finance Limited became Paramount Bank Limited and began banking operations.

• 1993

  Combined Finance Limited established

  [1]Paramount Universal Banken.wikipedia.org

  The institution was founded in Kenya as Combined Finance Limited, a deposit-taking non-bank financial institution.

A small Kenyan retail and commercial bank serving individuals and businesses through a branch network and participating in international money-transfer services.

• Banking

  Retail banking

  The bank was characterized as a small retail bank in Kenya. The available reference material confirms its commercial banking status and branch-based presence, but does not provide a detailed list of specific deposit, lending, card, or digital-account products.

• Banking · 1995

  Commercial banking services

  Paramount Universal Bank operated under a Kenyan commercial banking licence after its predecessor obtained licensing in 1995. Its documented business scope includes general banking activity, although the available material does not distinguish individual commercial products or customer segments.

• Money transfer

  MoneyGram money-transfer services

  The bank was an active member of the MoneyGram money-transfer network. This connected its branch operations with remittance and transfer services, although the source does not specify the precise range of supported corridors, fees, or transaction limits.

1. 1Paramount Universal Banken.wikipedia.org