Cooperative Bank Kenya Is A Commercial Bank In Kenya, The Largest Economy In The East African Community. It Is Licensed By The Central Bank Of Kenya, The Central Bank And The National Banking Supervisory Authority. The Bank Has Introduced A Correspondent Banking Model And Has A Deep Client Base In Kenya With Over 7.50 Million Accounts As Of December 2018. In 2010, The Bank Was Awarded The "Best Bank In Kenya" Award By The Financial Times Of London For Its Outstanding Growth.
Overview
The Bank Caters To The Banking Needs Of Individuals, Small Businesses And Large Corporations With A Focus On The Needs Of Cooperatives In Kenya. Cooperative Bank Is A Large Financial Services Institution. The Value Of Its Total Assets Is 404.15 Billion Kenyan Shillings (approximately US $4 Billion). As At 31 December 2013, The Value Of Its Shareholders' Equity Was Approximately 36.80 Billion Shillings, And As Of May 2012, The Bank Controlled Around 8.2% Of All Banking Assets In Kenya.
History
The Bank Was Established In 1966, Initially As A Cooperative. The Banking License Was Issued In 1968. The Kenyan Government Directed All Cooperatives In The Country To Transfer Their Deposits To The Cooperative Bank Of Kenya And Required All Cooperatives To Purchase Shares In The Bank. In 1977, The Bank Opened Its First Subsidiary: Cooperative Finance Limited. In 1989, The Bank Transformed Into A Full-fledged Commercial Bank And Added To Its Menu Of Products. In 1998, The Bank's Headquarters Was Destroyed Due To The Bombing Of The Nearby Embassy Of The United States Of America, And Subsequently Relocated. In The Same Year, The Bank Became An Agent For Money Transfer Service Company MoneyGram. In 2002, The Bank's Headquarters Was Renovated And Returned To The Co-operative Bank Building. In 2008, The Bank Was Listed On The Nairobi Stock Exchange Under The Stock Trading Symbol: COOP.
In March 2020, The Bank Announced Plans To Acquire Jamii Bora Bank. Co-operative Bank Acquired Jamii Bora Bank And Renamed It Kingdom Bank Limited.
Member Companies
The Companies That Make Up Cooperative Bank Limited Include, But Are Not Limited To, The Following:
- Kingdom Securities Limited - Nairobi, Kenya - 60% Equity
- Co-opTrust Investment Services Limited - Nairobi, Kenya - 100% Equity
- Co-operative Consultancy Services Kenya Limited - 100% Equity
- China Investment Insurance Group Limited - 35.71% Equity
- South Sudan Cooperative Bank - Juba, South Sudan
- Cooperative Bank Foundation - Nairobi, Kenya
- Ethiopian Cooperative Bank - Addis Ababa, Ethiopia - Under Development
- Uganda Cooperative Bank - Kampala, Uganda - Under Development.
- Kingdom Bank Limited (Kenya) (formerly Jamii Bora Bank) - Nairobi, Kenya (90% Shareholding)
Ownership
The Bank's Shares Are Owned By The Following Corporate Entities And Individuals:
CoopHoldings Cooperative Society Limited Is A Holding Company Owned By Cooperatives Within Kenya Who Jointly Own The Majority Of The Controlling Shares, Representing 65% Of All Shares In The Company. The Remainder Is Held By Individual And Institutional Investors Through The Nairobi Stock Exchange.
