This archive report was first published on 7 August 2020.
On August 21, 2020, the Central Bank of Kenya announced the acquisition of 90 percent of Jamii Bora Bank Limited's shareholding by the Co-operative Bank of Kenya Limited.
The approval was granted by the Central Bank of Kenya on August 3, 2020, under section 13(4) of the Banking Act, and by the National Treasury Cabinet Secretary Ukur Yatani on August 4, 2020, pursuant to section 9 of the Banking Act.
Co-operative Bank, listed on the Nairobi Stock Exchange in 2008, held a market share of 9.96 percent and operated 159 branches in Kenya and South Sudan as of June 30, 2020, ranking third out of 39 banks.
Established in 2010 after the acquisition by City Finance Bank Limited, Jamii Bora Bank has undergone significant changes in its ownership structure.
The acquisition is part of the Central Bank of Kenya's efforts to strengthen the banking sector, which has included reviewing business models and promoting consolidation to support the sector's resilience during the COVID-19 pandemic.
