It is on this basis that Co-operative Bank has re-branded the newly acquired Jamii Bora Bank to Kingdom Bank after acquiring 224,153,541 new ordinary shares or 90 per cent stake in the third tier lender that was on the downfall. ''With over 440,000 customers and 17 branches, the bank is a value-add to Co-op Bank, with minimal overlaps and large upside potential for exploration of deeper banking relationships,’’ Muriuki said. He joins from Co-op Bank Group where he was the director – Credit Management. The acquisition now brings the number of Co-op Bank Group’s subsidiaries to six. Others are Co-operative Bank of Kenya, Co-Trust Investment Services Limited, Co-op Consultancy & Insurance Agency Limited, Kingdom Securities Limited 60 per cent and Co-operative Bank of South Sudan Limited 51 per cent.

Source: The Star August 26, 2020 00:56 UTC