Best Bank For Trust Accounts In Kenya

What is Trust Account?

A trust account is a legal arrangement in which the grantor allows a third party, the trustee, to manage assets on behalf of the beneficiaries of the trust.

A trust can provide legal protection for your assets and make sure those assets are distributed according to your wishes.

Best Bank For Trust Accounts In Kenya

National Bank of Kenya

The National Bank of Kenya (NBK), more frequently referred to as National Bank, is a notable commercial bank that operates inside the boundaries of Kenya, which happens to be the country with the biggest economy in the East African Community.

The NBK is also known simply as National Bank. The Central Bank of Kenya, which also acts as the national banking regulator, has issued a license to the entity in question.

The Central Bank of Kenya is the country’s central bank. Since September 2019, the bank has been integrated into the Kenya Commercial Bank Group as a fully-owned subsidiary of the parent company.

Equity Bank

Equity Bank is one of the best banks in Kenya for the wealthy that offers a wide range of banking services. It is known for its commitment to providing accessible and affordable banking solutions to its clients.

Equity Bank Kenya Limited, established in 2014, has impressively grown its presence across Kenya.

Equity Bank Kenya Limited is a well-known supplier of financial services, and the city of Nairobi, which is the capital of Kenya, serves as the location of the company’s headquarters. 

The principal banking regulator and central bank of Kenya, the Central Bank of Kenya, has granted the bank a commercial banking license after it was submitted to them for review.

Kenya Commercial Bank

In 2015, Kenya Commercial Bank was established, choosing Nairobi as the city to house its headquarters.

KCB Bank, commonly referred to as KCB Bank, has made a commitment to provide banking services to a substantial portion of the Kenyan population who would otherwise lack access to such services.

As a result of its rapid expansion, the company now proudly boasts the most extensive banking network in Kenya.

With a total of 168 separate branches, it has successfully established a widespread presence throughout the country.

Cooperative Bank

The Cooperative Banking Institution is one of the best banks in Kenya for the wealthy that offers a range of financial services to its clients. With a strong emphasis on cooperation and community, this institution stands out for its commitment to providing accessible and inclusive banking solutions.

The Cooperative Bank of Kenya, established in 1965, marked a significant milestone for Kenya as it became the country’s first cooperative bank.

The financial institution in question is known for its utilization of the unique Agency banking model. The institution in question was bestowed with the prestigious title of Best Bank in Kenya by none other than The London Financial Times.

Standard Chartered Bank Kenya

Standard Chartered Bank holds a respectable position among the best banks in Kenya for the wealthy.

The Standard Chartered Bank Kenya Limited holds the distinction of being the oldest bank in Kenya, with a rich history spanning over a century.

Operating within the nation, this esteemed institution has established itself as a prominent player in the banking sector. Established in 1911, this specific financial institution holds the distinction of being Kenya’s inaugural international bank.

The administration of the regulations governing the Central Bank of Kenya falls under its jurisdiction.

Diamond Trust Bank of Kenya

Diamond Trust Bank of Kenya, also known as DTB, is one of the best banks in Kenya for the wealthy. It offers a wide range of banking services to its customers, catering to both individuals and businesses.

With its strong presence in the Kenyan market, DTB has established itself as a reliable and trustworthy bank.

Diamond Trust Bank is a financial institution that offers a wide range of banking services. They have a strong reputation for providing excellent customer service and have been serving customers for The Diamond Trust Bank Group is known for its extensive operations in East Africa, encompassing multiple companies across Uganda, Tanzania, Burundi, and Rwanda. 

Which is the most trusted bank in Kenya?

Equity Bank has been feted as the Best Bank in Kenya in the 2023 Think Business Banking Awards for the 12th consecutive year. Equity was also named the best bank in the inaugural ESG Factors Category as well as the Most Customer-Centric Bank.

How do trust funds work in Kenya?

A trust is an equitable obligation binding a person (Trustee) to deal with property over which he has control (Trust Property) either for the benefit of persons (beneficiaries) of whom he may himself be one and any one of whom may enforce the obligation.

Where are trusts registered in Kenya?

the Lands Registry

A Trust having been established by way of a Trust deed ought to be stamped and then registered at the Lands Registry under the Registration of Documents Act (Chapter 285 of the Laws of Kenya).

Are trusts taxed in Kenya?

iii. When paying dividends or interest to its unit holders, a Unit Trust is required to withhold tax at the appropriate rates. iv. Interest or dividend payable to a unit holder who is exempt under any provision of the Income Tax, shall not be subject to withholding tax.