Jamii Bora Bank is now Kingdom Bank after the Co-operative Bank Group successfully acquired 90 per cent. ''Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as “Kingdom Bank Limited,’’ Co-operative Bank MD Gideon Muriuki said in a statement. The re-branding follows the unanimous acceptance of an offer by Co-operative Bank to Jamii Bora’s board in early June. In the deal, Co-operative Bank sought to subscribe for a New Class of Ordinary Shares (Class A) in Jamii Bora Bank for an aggregate subscription price of Sh1 billion and 224,153,541 new ordinary shares, equivalent to 90 per cent stake. In the deal, Co-operative Bank sought to subscribe for a New Class of Ordinary Shares (Class A) in Jamii Bora Bank for an aggregate subscription price of Sh1 billion and 224,153,541 new ordinary shares, equivalent to 90 per cent stake.

Source: The Star August 25, 2020 08:48 UTC