Jamii Bora Renamed to Kingdom Bank After Co-op Aquisition
Kevin Namunwa  |  Aug 25, 2020

Cooperative Bank’s recent acquisition Jamii Bora Bank has been renamed to Kingdom Bank Limited and has had a change in its management.

The bank has changed its Chief Executive Officer after it was acquired by the Cooperative Bank of Kenya for Ksh 1 billion. Co-op Bank on Tuesday unveiled Anthony Mburu as the new CEO of the rebranded outfit, in changes that also saw it name a new board.

Mburu, the incoming CEO, has been the director for credit management at Co-op Bank. He is a senior executive in the banking industry with over 25 years of experience and takes over from Tim Kabiru who has been heading Jamii Bora.

Kingdom Bank will now trade as a subsidiary of Co-op Bank at the Nairobi Securities Exchange and will also be donning the green colours synonymous with the lender.

“Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” said Co-op Bank.

“The transaction has now been completed and Co-op Bank appointed a new board as hereunder to drive the needed transformation agenda,” the lender added in a statement.

Kingdom Bank’s new board will be chaired by Margaret Karangathata with Co-op Bank managing director Gideon Muriuki being a member alongside Macloud Malonza and Julius Sitienei.

Co-op Bank has been concentrating on the Kenyan market for growth through branch expansions, unlike KCB Group and Equity Group.

Other Co-op Bank Group subsidiaries include Co-op Trust Investment Services Limited and Co-op Consultancy & Insurance Agency Limited, which it owns fully.

The lender also holds a 60% stake in Kingdom Securities Limited and 51% in the Co-operative Bank of South Sudan.

Associate firms include CIC Insurance Group (24.7%) and Co-op Bank Fleet Africa Leasing Limited with a 25% stake.