Jamii Bora becomes Kingdom Bank after Co-op buyout
Jamii Bora Bank (JBB) has been renamed Kingdom Bank following its acquisition by the Co-operative Bank of Kenya.
The buyout which became effective on August 21, 2020 following requisite approvals by industry regulators saw Co-op Bank pay Ksh.1 billion as new capital injection in exchange for 224.2 million new shares.
The acquired lender has become the subsidiary of the Co-operative Bank after the Co-operative Bank of South Sudan and Kingdom Securities Limited in which it holds a 60 per cent stake.
Other subsidiaries include Co-operative Bank Kenya, Co-optrust Investment Services and Co-opConsultancy and Insurance Agency Limited.
The Co-operative Bank is expected to appoint a new board to run its recent acquisition which holds a bulk of 444,000 customers around the country and 17 branches.
Co-operative Bank is Kenya’s fourth largest lender by asset base after KCB, Equity and NCBA.
The lender first expressed interest in JBB in March this year.
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