Co-op Bank acquisition of Jamii Bora gets final approval
Aug. 07, 2020
The acquisition of Jamii Bora Bank by Co-operative Bank is set to take effect this month following the gazettement by Central Bank of Kenya (CBK).
The deal was approved by CBK on August 3 and further received the approval of the National Treasury Cabinet Secretary on August 4, according to the gazette notice published yesterday. Co-op Bank will acquire a 90 per cent shareholding in its smaller rival which has 17 branches across the country and assets estimated at around Sh12 billion. “CBK welcomes this transaction which will diversify the business models of the two institutions, benefitting Co-op Bank’s diverse shareholders and enhancing the resilience of the Kenyan banking sector,” read a statement from the CBK.
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