[File, Standard]Cooperative Bank of Kenya has inched closer to acquiring Jamii Bora in a deal that will see it take a 90 per cent stake in the tier-three lender. “Co-op Bank has been pleased to note that the shareholders of Jamii Bora Bank, have pursuant to an Extra-Ordinary General Meeting held on July 1, 2020, unanimously approved our offer to acquire 90 per cent of the bank,” said Coop Bank Managing Director Gideon Muriuki in a statement. The process of acquiring Jamii Bora started on March 11 after Co-op Bank’s board gave it the nod to open up the discussion that would lead to the full acquisition of Jamii Bora Bank. SEE ALSO: Jamii Bora Bank approves Co-op Bank takeover offerThe acquisition of National Bank by KCB Group is the latest in a wave of artificial consolidation. Mr Muriuki said Co-op Bank’s entry as a strategic partner will help safeguard Jamii Bora shareholders.

Source: Standard Digital July 02, 2020 21:01 UTC