in ,

Co-operative Bank Set To Acquire 100pc Stake In Jamii Bora Bank

[PHOTO/ COURTESY]

The Co-operative Bank of Kenya is set to acquire 100 percent stake in Jamii Bora Bank (JBB) upon regulatory approvals.

The announcement was made by the Central Bank of Kenya (CBK), which acknowledged receipt of the buyout proposal.

“The proposed acquisition which is subject to regulatory approvals will lead to the acquisition of 100 percent shareholding of JBB by Co-op,” said CBK.

Co-op commenced operations in 1965 and is predominantly owned by the 15 million member Kenyan co-operative movement.

Read: Co-op Bank Launches Import Finance Product for MSMEs

It was listed on the Nairobi Securities Exchange in 2008. It was ranked fourth out of 39 banks in terms of market share as at December 31, 2019 with a market share of 9.63 percent with 159 branches in Kenya and South Sudan.

JBB was established in 2010 after the acquisition by City Finance Bank Limited of the business of Jamii Bora Kenya Limited, a Micro Finance Institution. It was ranked 38 out of 39 banks in terms of market share as at December 31, 2019 with a market share of 0.12 percent with 17 branches across the country.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nominated MCA Who Lost Seat Over Absenteeism Breaks Silence

Woman Dies After Being Trampled By Elephant In Amboseli