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.
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.