This archive report was first published on 2 July 2020.
On July 1, 2020, the shareholders of Jamii Bora Bank Limited held an Extra Ordinary General Meeting and unanimously approved The Co-operative Bank of Kenya's offer to acquire a 90% stake in the bank.
As part of the deal, Co-op Bank will subscribe to 224,153,154 new class of Ordinary Shares, enabling the bank to inject Kshs.1 Billion and appoint a Board to run the business.
Co-op Bank, one of the largest banks in the region with an asset base of over Kshs.470 billion, will now have a significant presence in the Kenyan banking sector.
With over 444,000 customers in 17 branches and employing over 190 staff, Jamii Bora Bank is a fully-fledged Commercial Bank, licensed and regulated by the Central Bank of Kenya.
The next steps will now be the regulatory approvals from the Central Bank of Kenya, Capital Markets Authority, and the Competition Authority of Kenya.
Co-op Bank's strategic entry into Jamii Bora Bank is seen as an 'Inclusive Growth Model' that safeguards the existing shareholders of Jamii Bora, allowing them to share in the expected future transformation gains and profitability growth.
