It is no longer Jamii Bora Bank but Kingdom Bank Limited after a successful takeover by the Co-operative Bank of Kenya. The Co-op Bank acquired over 90 percent stake in Jamii Bora (now Kingdom Bank) at a cost of 1 billion shillings.
According to the Co-operative Bank, the new outfit will be used to lend and support small and medium enterprises (SMEs) from across the country to better their operations despite the challenges brought by Covid-19.
Co-op Bank has also named a new Chief Executive Officer (CEO) to head the new Kingdom Bank. Mr. Anthony Mburu was unveiled by the lender on Tuesday and will head a new board that has been appointed by Co-op.
Mr. Mburu 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.
The new board will now be chaired by Margaret Karangatha with Co-op Bank managing director Gideon Muriuki being a member alongside Macloud Malonza and Julius Sitienei.
“The transaction has now been completed and Co-op Bank appointed a new board as hereunder to drive the needed transformation agenda,” said the Co-operative Bank in a statement.
The Central Bank of Kenya already gave its blessing, welcoming the move saying it was set to change the banking sector in the country.
“As was announced earlier, 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,” said CBK in an earlier statement.
So far, the measures taken by CBK in the recent past to strengthen the banking sector, including review of business models and consolidation, have been beneficial in enabling the sector to ride through the pandemic period while supporting their customers and the economy.