This archive report was first published on 25 August 2020.
Published on August 25, 2020, Co-op Bank has taken control of Jamii Bora Bank, renaming it Kingdom Bank, in a move that aims to diversify the business model of the two institutions.
Co-op Bank acquired over 90% of Jamii Bora Bank, with the transaction seeing the issuance of 224.1 million new 'class A' shares to Co-op Bank.
As a result, the stake of existing shareholders in Jamii Bora Bank will be diluted to 10%, while the existing issued shares will be re-designated and re-classified as 'class B' ordinary shares.
Mr. Anthony Mburu, a senior executive with over 25 years of experience in the banking industry, has been appointed as the new Chief Executive Officer of Kingdom Bank.
Mr. Mburu takes over from Tim Kabiru, who had been heading Jamii Bora Bank, which was struggling with cash reserve ratios of 11.1%, far below the minimum statutory requirement of 20%.
