This archive report was first published on 25 August 2020.
On August 25, 2020, the Central Bank of Kenya approved the acquisition of Jamii Bora Bank by the Co-operative Bank Group, paving the way for the rebranding of the bank.
Co-operative Bank Group has successfully acquired 90% of Jamii Bora Bank, with the remaining 10% retained by the bank's existing shareholders.
As part of the deal, Co-operative Bank Group will subscribe for a new class of ordinary shares in Jamii Bora Bank for an aggregate subscription price of Sh1 billion and 224,153,541 new ordinary shares, equivalent to 90% stake.
The rebranded bank's existing issued 24.9 million ordinary shares of Sh66 each will now be re-designated and re-classified as Class B ordinary shares, giving owners room to share in future profits as opposed to cashing out at once.
Co-operative Bank Group has named Antony Mburu as the new chief executive of Kingdom Bank, replacing Timothy Mwaniki Kabiru who has been serving in the acting capacity after Samuel exited early last year.
Antony Mburu joins from Co-op Bank Group where he was the director – Credit Management. He is a career banker with over 25 years' experience in the region, notably in risk and credit management.
The lender has also appointed a new board, chaired by Margaret Karangatha, after getting a nod from regulators.
