This archive report was first published on 25 August 2020.
On August 25, 2020, Co-operative Bank of Kenya announced the acquisition of Jamii Bora Bank, renaming it Kingdom Bank Limited after injecting Sh1 billion.
The acquisition marked a significant milestone for Co-operative Bank, which has been concentrating on the Kenyan market for growth through branch expansions, launch of new businesses, and acquisition of stakes.
As part of the acquisition, Co-operative Bank appointed Anthony Mburu as the new CEO of Kingdom Bank Limited, replacing Tim Kabiru who had been heading Jamii Bora.
Mburu, a senior executive with over 25 years of experience in the banking industry, has been the director for credit management at Co-operative Bank.
The changes also saw the appointment of a new board, chaired by Margaret Karangatha, with Co-operative Bank managing director Gideon Muriuki being a member alongside Macloud Malonza and Julius Sitienei.
Co-operative Bank has hinted at using the new subsidiary to deepen micro-small and medium-sized entities banking, microfinance, youth and women banking, asset finance, and leasing.
“The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialised credit offerings,” said Mr Muriuki in a recent statement.
