This archive report was first published on 13 July 2019.
Published on July 13, 2019, Co-operative Bank has stepped in to support Metropolitan Sacco, which has been struggling with liquidity issues.
The bank has restructured the Sacco's funding requirements to better manage the members' monthly loan demands and overall liquidity flows.
Co-op Bank Director for Co-operatives Banking Division Vincent Marangu said, 'We have done it before for a number of co-operatives, with huge success, and therefore this will be in line with our mandate and commitment to the co-operative movement.'
Metropolitan Sacco has a total asset base of Sh13.6 billion and eight branches across the country. It has deposits of approximately Sh6.9 billion and Sh700 million member shares, but outstanding loans are worth Sh12.8 billion.
The Sacco's chairman, Christopher Karanja, expressed gratitude to Co-operative Bank, saying, 'The corporate restructure by the bank is the best thing that has happened to the Sacco in a long time. We will now boldly and seamlessly offer services to our members.'
