Co-operative Bank of Kenyais acommercial bankin Kenya, the largest economy in theEast African Community.It is licensed by theCentral Bank of Kenya,thecentral bankand national banking regulator.[2]The bank has introducedAgency banking modeland has a deep customer base in Kenya with over 7.5 million accounts as of December 2018. In 2010, the bank was awarded"Best Bank of Kenya"by theLondon Financial Timesdue to their excellent growth.[3]
 | |
| Company type | Public company |
|---|---|
| KN:COOP | |
| Industry | Financial services |
| Founded | 1965 |
| Headquarters | Nairobi,Kenya |
Key people | John Murugu, OGW Chairman Dr. Gideon Muriuki, CBS Group Managing Director&CEO |
| Products | Loans,Checking,Savings,Investments,Debit Cards |
| Revenue | US$684 million (KES:75.04 billion) (2021)[1] |
| Total assets | US$5.29 billion (KES:5.7977 billion) (2021) |
Number of employees | 4,000+ (2018) |
| Website | www |
Overview
editThe bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya.Cooperative Bankis 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[update],the bank controlled about 8.2% of all bank assets inKenya.[5]
History
editThe bank was established in 1966, initially as a cooperative society. The banking license was granted in 1968. TheKenya Governmentdirected 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 thebombingtargeting the nearby Embassy of the United States of America. That same year, the bank became an agent of the money-transfer service companyMoneyGram.In 2002, the bank's headquarters returned to Cooperative Bank House following renovations.[6]In 2008, the bank listed on theNairobi Securities Exchange,where its shares trade under the symbol:COOP.[7]
In March 2020, the bank announced its plans to acquireJamii Bora Bank.[8]Co-operative Bank acquired Jamii Bora Bank and renamed it to Kingdom Bank Limited.[9]
Member companies
editThe companies that comprise Co-operative Bank Limited include, but are not limited, to the following:[10]
- Kingdom Securities Limited –Nairobi,Kenya– 60% shareholding
- Co-opTrust Investment Services Limited – Nairobi, Kenya – 100% shareholding
- Co-operative Consultancy Services Kenya Limited – 100% shareholding
- CIC Insurance Group Limited– 35.71% shareholding[11]
- Co-operative Bank of South Sudan –Juba, South Sudan[12]
- Co-operative Bank Foundation –Nairobi,Kenya
- Co-operative Bank Ethiopia –Addis Ababa,Ethiopia– In development
- Co-operative Bank Uganda –Kampala,Uganda– In development.[13]
- Kingdom Bank Limited (Kenya)(formerly Jamii Bora Bank) –Nairobi,Kenya(90percent shareholding)[14][15]
Ownership
editThe bank'sstockis owned by the following corporate entities and individuals:[16]
| 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 theNairobi Securities Exchange.
Governance
editThe bank is governed by an eighteen-person board of directors.John Murugu,one of the non-executive directors, is thechairman.Themanaging directorandchief executive officeris 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
edit
References
edit- ^abMutegi, Mugambi (29 April 2015)."Coop Bank Posts 29 Percent Growth in Earnings on Interest Income".Business Daily Africa(Nairobi).Retrieved29 April2015.
- ^"Directory of Commercial Banks And Mortgage Finance Companies"(PDF).Central Bank of Kenya.Retrieved18 August2014.
- ^Mugwe, David (2 February 2011)."Co-op Bank Wins Financial Times' Award for Growth".Business Daily Africa(Nairobi).Retrieved18 August2014.
- ^"Press Release for the Audited Full Year 2013 Ended 31 December 2013".Cooperative Bank of Kenya. 19 March 2014.Retrieved18 August2014.
- ^Gachiri, John (23 May 2012)."Co-operative Bank Secures KSh5.5 Billion World Bank Loan for SMEs".Business Daily Africa(Nairobi).Retrieved18 August2013.
- ^"The History of Cooperative Bank of Kenya".Cooperative Bank of Kenya. Archived fromthe originalon 19 August 2014.Retrieved18 August2014.
- ^"The Listed Companies at Nairobi Securities Exchange".Nairobi Securities Exchange.Archived fromthe originalon 28 September 2020.Retrieved18 August2014.
- ^"Co-op Bank to acquire struggling Jamii Bora after CBA settled for NIC".Capital Business.11 March 2020.Retrieved11 March2020.
- ^"Jamii Bora renamed, gets new CEO after acquisition by Co-operative Bank".Business Daily.20 September 2020.Retrieved20 January2022.
- ^"Cooperative Bank of Kenya Subsidiaries".Cooperative Bank of Kenya.Retrieved18 August2014.
- ^"Audited 31 December 2013 Annual Report And Other Disclosures"(PDF).CIC Insurance Group Limited. 11 March 2014. Archived fromthe original(PDF)on 26 July 2014.Retrieved18 August2014.
- ^Mungai, Richard (31 May 2014)."Kenya: Co-Op Bank Confident of Profit in South Sudan Despite Conflicts".The Star (Kenya)viaAllAfrica.Retrieved18 August2014.
- ^"Kenya's Co-op Bank To Expand in the Region After Solid First Half".Reuters.Reuters. 13 August 2014. Archived fromthe originalon 17 August 2014.Retrieved18 August2014.
- ^Paul Wafula (11 March 2020)."CBK welcomes takeover of Jamii Bora by Co-op Bank".Daily Nation.Nairobi.Retrieved12 March2020.
- ^Margaret Njugunah (11 March 2020)."Co-Op Bank To Acquire Struggling Jamii Bora After CBA Settled For NIC".Nairobi:98.4 Capital FM.Retrieved12 March2020.
- ^"Shareholding in Cooperative Bank of Kenya".ProudlyAfrican.Info. Archived fromthe originalon 19 August 2014.Retrieved18 August2014.
- ^"The Cooperative Bank of Kenya Board of Directors".Cooperative Bank of Kenya.Retrieved18 August2014.
External links
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