This archive report was first published on 2 July 2020.
On July 1, 2020, Jamii Bora Bank (JBB) shareholders unanimously approved Co-operative Bank of Kenya's offer to acquire a majority stake in the lender for Sh1 billion.
The acquisition, which will see Co-op Bank acquire 90 percent of JBB's shares, is subject to regulatory approval from the Central Bank of Kenya, the Competition Authority of Kenya, and the Capital Markets Authority.
Co-operative Bank Group Managing Director Gideon Muriuki stated that the acquisition will strengthen both institutions by leveraging Co-op Bank's universal banking model and JBB's business transformation agenda.
Co-op Bank's 15 million-member cooperative movement and Sh470 billion balance sheet will provide the necessary impetus for the deal, which is seen as a strategic fit for the lender's business model.
