Co-operative Bank, in partnership with South Africa’s Super Group, has struck a deal with the Kenyan government to supply 125 police vehicles at an estimated cost of Ksh890 million. According to Business Daily, the deal is the first phase of a grand plan to supply the Kenyan Police with 412 vehicles worth Ksh2.2 billion.
The bank revealed that it has diversified its business into fleet leasing through its Co-op Bank Fleet Africa Leasing Ltd vehicle. Co-op Bank’s leasing segment will work with the South African firm Fleet Africa (a subsidiary of Super Group), and Isuzu East Africa Ltd, to deliver the vehicles. The Bank will finance the project.
The lender will benefit from Super Group’s expertise in the leasing business. “Super Group Ltd is an established global leader in leasing business operating in three continents and listed on the Johannesburg and Sydney Stock exchanges…,” its group managing director Dr Gideon Muriuki was quoted by Business Daily. The South African firm will gain from the bank’s strength in the region.
