This archive report was first published on 25 August 2020.
On 10th March 2020, Co-op Bank announced the commencement of discussions to acquire 100% of Jamii Bora Bank's shareholding. The acquisition was later scaled down to 90% after Jamii Bora's board of directors accepted Co-op Bank's offer to take over 90% of the issued share capital for Ksh1 billion.
Co-op Bank's Managing Director and CEO, Antony Mburu, led the new board of directors appointed after the acquisition, which included Margaret Karangatha, Macloud Malonza, Julius Sitienei, and Dr. Gideon Muriuki.
On 1st July, Jamii Bora shareholders unanimously resolved to allot 224,153,541 Class A ordinary shares to Co-op Bank for an aggregate subscription price of Ksh1 billion. The deal was approved by the Capital Markets Authority on 6th July, the Competition Authority of Kenya on 3rd August, and the Central Bank of Kenya on 7th August.
Co-op Bank Group now includes Jamii Bora Bank, which has been renamed Kingdom Bank Limited, as well as other subsidiaries such as Co-optrust Investment Services Limited, Co-op Consultancy & Insurance Agency Limited, and Kingdom Securities Limited.
The group has an asset base of over Ksh513 billion and reported a profit before tax of Ksh9.6 billion in the half-year to June 30, 2020.
