This archive report was first published on 26 October 2021.
Co-op Bank has made history by being named the best bank in Kenya, a title it received during the 2021 edition of the African Banking Awards organized by EMEA Finance on October 26, 2021.
The bank's impressive performance was not limited to its core operations, as its subsidiary, Co-opTrust Investment Services Limited, took home the Best Asset Manager award. With Sh. 181 billion in assets under its management, Co-op Trust is one of the largest and most successful locally-owned asset management firms in Kenya.
Co-op Bank's Group Managing Director & Chief Executive Officer, Dr. Gideon Muriuki, was also recognized as the best bank CEO in Africa. His leadership during the pandemic was instrumental in sustaining the payment of dividends to shareholders, offering critical relief and timely support to the over 15 million-member Co-operative movement.
Under Dr. Muriuki's leadership, the bank also made a bold decision to retain its full staff complement during the pandemic, rather than pushing for staff retrenchment. This move not only helped to maintain morale but also ensured that the bank continued to provide essential services to its customers.
Co-op Bank's acquisition and stabilization of Jamii Bora Bank, which has since been renamed as Kingdom Bank, was also recognized by the EMEA Finance awards. The bank acquired a 90 per cent stake in Jamii Bora Bank in August 2020 for Sh. 1 billion.
With over Sh. 536.9 billion in its assets, Co-op Bank is now one of the biggest lenders in the region. The bank's ability to manage the economic disruption caused by the pandemic in 2020 was also recognized by the awards, with the bank undertaking a deep analysis to identify inefficiencies and resolving them through the redeployment of staff and other resources.
