What you need to know:
Co-op Bank Tuesday morning unveiled Mr Anthony Mburu as the new CEO of the rebranded outfit.
He is a senior executive in the banking industry with over 25 years of experience.
Kingdom will now trade as a subsidiary of Co-op Bank.
Its brand is also donning the green colours that are synonymous with Co-op.
Jamii Bora Bank has received new chief executive and renamed to Kingdom Bank Limited in major changes by Cooperative Bank of Kenya after acquiring a controlling stake.
Co-op Bank Tuesday morning unveiled Mr Anthony Mburu as the new CEO of the rebranded outfit, in changes that also saw it name a new board.
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 Mr Tim Kabiru who has been heading Jamii Bora.
The changes come after Co-op Bank acquired a 90 per cent stake in the small lender by pumping in Sh1 billion.
Kingdom will now trade as a subsidiary of Co-op Bank, with its brand also donning the green colours that are synonymous with the Nairobi Securities Exchange – listed lender. New board
“The transaction has now been completed and Co-op Bank appointed a new board,” said the Co-op Bank in a statement.The board will be chaired by Margaret Karangatha with Co-op Bank managing director Gideon Muriuki being a member.Co-op has been hinting at using the new subsidiary to deepen micro, small and medium sized firms banking, microfinance, youth and women banking, asset finance and leasing.“The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialised credit offerings,” said Mr Muriuki in a recent statement. Palushula@ke.nationmedia.com Nation. Empower Africa. We come to you. We are always looking for ways to improve our stories. Let us know what you liked and what we can improve on. I’ve got feedback!
