The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya. Cooperative Bank is a large financial services institution. Its total assets were valued at 404.15 billion KES (about US$4 billion).[1] At 31 December 2013, its shareholders' equity was valued at approximately 36.8 billion shillings.[4] As of May 2012[update], the bank controlled about 8.2% of all bank assets in Kenya.[5]
History
The bank was established in 1966, initially as a cooperative society. The banking license was granted in 1968. The Kenya Government directed all cooperative societies in the country to transfer their deposits to the Co-operative Bank of Kenya and that all cooperatives buy the bank's shares. In 1977, the bank opened its first subsidiary: Cooperative Finance Limited. In 1989, the bank converted to a fully fledged commercial bank and increased its products menu. In 1998 the bank's headquarters were relocated following destruction of the original premises by the bombing targeting the nearby Embassy of the United States of America. That same year, the bank became an agent of the money-transfer service company MoneyGram. In 2002, the bank's headquarters returned to Cooperative Bank House following renovations.[6] In 2008, the bank listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.[7]
In March 2020, the bank announced its plans to acquire Jamii Bora Bank.[8] Co-operative Bank acquired Jamii Bora Bank and renamed it to Kingdom Bank Limited.[9]
Member companies
The companies that comprise Co-operative Bank Limited include, but are not limited, to the following:[10]
Kingdom Securities Limited – Nairobi, Kenya – 60% shareholding
Co-opTrust Investment Services Limited – Nairobi, Kenya – 100% shareholding
Co-operative Consultancy Services Kenya Limited – 100% shareholding
The bank's stock is owned by the following corporate entities and individuals:[16]
Cooperative Bank of Kenya Stock Ownership
Rank
Name of Owner
Percentage Ownership
1
CoopHoldings Cooperative Society Limited
65.0
2
Over 116,000 "Other" Investors
35.0
Total
100.00
CoopHoldings Cooperative Society Limited is a holding company owned by the cooperative societies within Kenya, who jointly own a controlling majority of shares totalling 65% of all company stock. The remainder is owned by individual and institutional investors through the Nairobi Securities Exchange.
Governance
The bank is governed by an eighteen-person board of directors. John Murugu, one of the non-executive directors, is the chairman. The managing director and chief executive officer is Gideon Maina Muriuki, MBS. He is assisted by seven other senior managers in supervising the day-to-day activities of the bank.[17]
