This archive report was first published on 25 August 2020.
On 21st August 2020, Co-operative Bank of Kenya completed the acquisition of Jamii Bora Bank, marking a significant milestone in the banking sector. The acquisition saw Co-op Bank acquire 90% of Jamii Bora's issued shares for Ksh1 billion.
As part of the acquisition, Co-op Bank appointed a new board to drive the transformation agenda. The board members include Margaret Karangatha, Macloud Malonza, Julius Sitienei, Dr Gideon Muriuki, and Antony Mburu, who is also the Managing Director and CEO of Co-op Bank.
Mr Mburu, with over 25 years of experience in risk and credit management, brings a wealth of expertise to the new board. The acquisition is expected to enhance Co-op Bank's operations and customer base.
Co-op Bank's acquisition of Jamii Bora Bank 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 is one of the largest banks in the region, with an asset base of over Ksh513 billion. The group reported a Profit before Tax of Kshs 9.6 Billion as at 30th June 2020.
