This archive report was first published on 25 August 2020.
On August 25, 2020, the Cooperative Bank of Kenya announced the renaming of Jamii Bora Bank to Kingdom Bank, marking a significant change in the lender's identity.
As part of the transformation, Co-op Bank appointed Anthony Mburu as the new CEO of Kingdom Bank, replacing Tim Kabiru who had been heading Jamii Bora.
Mburu, a seasoned banking executive with over 25 years of experience, brings a wealth of knowledge to the role, having previously served as the director for credit management at Co-op Bank.
The acquisition of Jamii Bora by Co-op Bank for Sh. 1 billion has paved the way for the rebranding of the lender, with Kingdom Bank now operating as a subsidiary of Co-op Bank.
Co-op Bank has also made changes to the board of Kingdom Bank, with Margaret Karangatha chairing the new board, alongside Gideon Muriuki, Macloud Malonza, and Julius Sitienei.
The acquisition offers Co-op Bank the opportunity to deepen its product offerings and create a niche bank to offer specialized credit services, according to Gideon Muriuki, Co-op Bank managing director.
