Co-operative Bank of Kenya

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Co-operative Bank of Kenya
RevenueUS$684 million (KES:75.04 billion) (2021)[1]
Total assetsUS$5.29 billion (KES:5.7977 billion) (2021)
Number of employees
4,000+ (2018)
Websitewww.co-opbank.co.ke

Co-operative Bank of Kenya is a

London Financial Times due to their excellent growth.[3]

Overview

The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya. Cooperative Bank is a large financial services institution. Its total assets were valued at 404.15 billion KES (about US$4 billion).[1] At 31 December 2013, its shareholders' equity was valued at approximately 36.8 billion shillings.[4] As of May 2012, the bank controlled about 8.2% of all bank assets in Kenya.[5]

History

The bank was established in 1966, initially as a cooperative society. The banking license was granted in 1968. The Kenya Government directed all cooperative societies in the country to transfer their deposits to the Co-operative Bank of Kenya and that all cooperatives buy the bank's shares. In 1977, the bank opened its first subsidiary: Cooperative Finance Limited. In 1989, the bank converted to a fully fledged commercial bank and increased its products menu. In 1998 the bank's headquarters were relocated following destruction of the original premises by the bombing targeting the nearby Embassy of the United States of America. That same year, the bank became an agent of the money-transfer service company MoneyGram. In 2002, the bank's headquarters returned to Cooperative Bank House following renovations.[6] In 2008, the bank listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.[7]

In March 2020, the bank announced its plans to acquire

Jamii Bora Bank.[8] Co-operative Bank acquired Jamii Bora Bank and renamed it to Kingdom Bank Limited.[9]

Member companies

The companies that comprise Co-operative Bank Limited include, but are not limited, to the following:[10]

Ownership

The bank's stock is owned by the following corporate entities and individuals:[16]

Cooperative Bank of Kenya Stock Ownership
Rank Name of Owner Percentage Ownership
1 CoopHoldings Cooperative Society Limited 65.0
2 Over 116,000 "Other" Investors 35.0
Total 100.00

CoopHoldings Cooperative Society Limited is a holding company owned by the cooperative societies within Kenya, who jointly own a controlling majority of shares totalling 65% of all company stock. The remainder is owned by individual and institutional investors through the Nairobi Securities Exchange.

Governance

The bank is governed by an eighteen-person board of directors. John Murugu, one of the non-executive directors, is the

managing director and chief executive officer is Gideon Maina Muriuki, MBS. He is assisted by seven other senior managers in supervising the day-to-day activities of the bank.[17]

See also

References

  1. ^ a b Mutegi, Mugambi (29 April 2015). "Coop Bank Posts 29 Percent Growth in Earnings on Interest Income". Business Daily Africa (Nairobi). Retrieved 29 April 2015.
  2. ^ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 18 August 2014.
  3. ^ Mugwe, David (2 February 2011). "Co-op Bank Wins Financial Times' Award for Growth". Business Daily Africa (Nairobi). Retrieved 18 August 2014.
  4. ^ "Press Release for the Audited Full Year 2013 Ended 31 December 2013". Cooperative Bank of Kenya. 19 March 2014. Retrieved 18 August 2014.
  5. ^ Gachiri, John (23 May 2012). "Co-operative Bank Secures KSh5.5 Billion World Bank Loan for SMEs". Business Daily Africa (Nairobi). Retrieved 18 August 2013.
  6. ^ "The History of Cooperative Bank of Kenya". Cooperative Bank of Kenya. Archived from the original on 19 August 2014. Retrieved 18 August 2014.
  7. ^ "The Listed Companies at Nairobi Securities Exchange". Nairobi Securities Exchange. Archived from the original on 28 September 2020. Retrieved 18 August 2014.
  8. ^ "Co-op Bank to acquire struggling Jamii Bora after CBA settled for NIC". Capital Business. 11 March 2020. Retrieved 11 March 2020.
  9. ^ "Jamii Bora renamed, gets new CEO after acquisition by Co-operative Bank". Business Daily. 20 September 2020. Retrieved 20 January 2022.
  10. ^ "Cooperative Bank of Kenya Subsidiaries". Cooperative Bank of Kenya. Retrieved 18 August 2014.
  11. ^ "Audited 31 December 2013 Annual Report And Other Disclosures" (PDF). CIC Insurance Group Limited. 11 March 2014. Archived from the original (PDF) on 26 July 2014. Retrieved 18 August 2014.
  12. AllAfrica.com
    . Retrieved 18 August 2014.
  13. ^ "Kenya's Co-op Bank To Expand in the Region After Solid First Half". Reuters. Reuters. 13 August 2014. Archived from the original on 17 August 2014. Retrieved 18 August 2014.
  14. ^ Paul Wafula (11 March 2020). "CBK welcomes takeover of Jamii Bora by Co-op Bank". Daily Nation. Nairobi. Retrieved 12 March 2020.
  15. ^ Margaret Njugunah (11 March 2020). "Co-Op Bank To Acquire Struggling Jamii Bora After CBA Settled For NIC". Nairobi: 98.4 Capital FM. Retrieved 12 March 2020.
  16. ^ "Shareholding in Cooperative Bank of Kenya". ProudlyAfrican.Info. Archived from the original on 19 August 2014. Retrieved 18 August 2014.
  17. ^ "The Cooperative Bank of Kenya Board of Directors". Cooperative Bank of Kenya. Retrieved 18 August 2014.

External links


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