Jamii Bora Bank has been renamed to Kingdom Bank Limited after acquisition by Co-operative Bank.
Co-op bank which acquired 90 per cent stake in the bank unveiled Anthony Mburu as the new Chief Executive Officer (CEO) of the rebranded institution.
Mr Mburu has been the director for credit management at Co-op Bank. He is a senior executive in the banking industry with over 25 years of experience.
The new CEO takes over from Tim Kabiru who has been heading Jamii Bora.
Co-op bank also named a new board of the lender that will be chaired by Mrs Margaret Karangatha. Others on the board include Macloud Malonza, Julius Sitienei, and Group Managing Director Gideon Muriuki.
The new changes are expected to strengthen operations of the acquired lender.
“Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” Dr Muriuki said in a statement.
In the deal sealed in June, Kingdom Bank will now trade as a subsidiary of Co-op Bank, with its brand also donning the green colours that are synonymous with the Nairobi Securities Exchange-listed lender.
“The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialised credit offerings,” said Dr Muriuki.