The Co-operative Bank Group is set to payout Sh5.9 billion worth of dividends to its shareholders for the year 2019. In a statement, the lender announced shareholders would receive the payout Sh1 per share on April 23. “In line with Capital Markets Authority guidelines, the bank is progressing to make the dividend payment for ratification at the next Annual General Meeting,” Co-op Bank company secretary Samuel Kibugi said in a statement. Last month, Co-op Bank, classified among the country’s biggest lenders, announced plans to acquire Jamii Bora Bank, the second-smallest by market share. Co-operative Bank is Kenya’s fourth-largest lender holding assets worth Sh450 billion ($4.5 billion), while the loss-making Jamii Bora Bank (JBB) has an asset base of Sh12.5 billion ($125 million).

Source: The Star April 14, 2020 15:56 UTC