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Co-operative Bank of Kenya

Company type	Public company
Traded as	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)
Total assets	US$5.29 billion (KES:5.7977 billion) (2021)
Number of employees	4,000+ (2018)
Website	www.co-opbank.co.ke

Co-operative Bank of Kenya is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The bank has introduced Agency banking model and 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 the London Financial Times due to their excellent growth.

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). At 31 December 2013, its shareholders' equity was valued at approximately 36.8 billion shillings. As of May 2012, the bank controlled about 8.2% of all bank assets in Kenya.

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. In 2008, the bank listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.

In March 2020, the bank announced its plans to acquire Jamii Bora Bank. Co-operative Bank acquired Jamii Bora Bank and renamed it to Kingdom Bank Limited.

Member companies

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

• 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
• Co-operative Bank of South Sudan – Juba, South Sudan
• Co-operative Bank Foundation – Nairobi, Kenya
• Co-operative Bank Ethiopia – Addis Ababa, Ethiopia – In development
• Co-operative Bank Uganda – Kampala, Uganda – In development.
• Kingdom Bank Limited (Kenya) (formerly Jamii Bora Bank) – Nairobi, Kenya (90percent shareholding)

Ownership

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

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 chairman. 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.

See also

• CIC Insurance Group Limited
• List of banks in Kenya
• Central Bank of Kenya
• Economy of Kenya

References

1. ^ 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. Mungai, Richard (31 May 2014). "Kenya: Co-Op Bank Confident of Profit in South Sudan Despite Conflicts". The Star (Kenya) via 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

• Cooperative Bank of Kenya Website
• CIC Insurance Group Limited

v t e Banks of Kenya
Central bank	Central Bank of Kenya
Commercial bank	Absa Bank Access Bank Kenya African Banking Corporation Bank of Africa Bank of Baroda Bank of India CIB Kenya Citibank NA Kenya Consolidated Bank of Kenya Cooperative Bank of Kenya Credit Bank Development Bank of Kenya Diamond Trust Bank East African Development Bank Ecobank Kenya Equity Bank Family Bank Guaranty Trust Bank Guardian Bank Gulf African Bank Habib Bank AG Zurich Housing Finance Company of Kenya I&M Bank Kingdom Bank Limited Kenya Commercial Bank Middle East Bank Kenya M-Oriental Bank National Bank of Kenya NCBA Bank Paramount Universal Bank Post Bank Premier Bank Prime bank SBM Bank Kenya Sidian Bank Stanbic Bank Standard Chartered Kenya United Bank for Africa Victoria Commercial Bank
Financial services organization	DTB Group Equity Group Holdings HF Group I&M Holdings KCB Group Kenya Mortgage Refinance Company NCBA Group
Foreign banks	Bank of China Bank of Kigali FirstRand HDFC Bank HSBC Nedbank
Defunct banks	Chase Bank Commercial Bank of Africa (Formerly part of CBA Group) Dubai Bank Kenya Euro Bank Fina Bank Giro Commercial Bank Habib Bank Imperial Bank Limited Spire Bank
Microfinance Institutions	Choice Microfinance Bank Faulu Kenya Kenya Women Microfinance Bank SMEP Microfinance Bank
SACCOs	Imarisha Sacco Society Mwalimu National Sacco United Nations Sacco Society Unaitas
Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Financial services Foreign Exchange (FOREX) National Electronic Fund Transfer (NEFT) Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS)

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• Banks of Kenya
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