Jamii Bora Bank has changed its name to Kingdom Bank Limited following successful acquisition of 90 percent of the issued shares by the Co-operative Bank of Kenya.
In a statement, Co-op bank says that the acquisition became effective on 21 August 2020 leading to appointment of a new board. The board constitutes; Margaret Karangatha, Macloud Malonza, Julius Sitienei, Dr. Gideon Muriuki, and Antony Mburu who doubles as the Managing director and CEO.
On 10th March 2020, Co-op bank announced the commencement of discussion to acquire 100 percent shareholding of Jamii Bora. On June 3rd, Jamii Bora’s board of directors accepted Co-op bank’s offer to take over 90 percent of the issued share capital after parting with Ksh1 billion.
On 1st July, Jamii Bora shareholders unanimously resolved to allot 224,153,541 Class A ordinary shares to Co-op bank for an aggregate subscription price of Ksh1 billion in a special general meeting. Upon approval, Co-op bank would be entitled to 90 percent of the voting rights, 90 percent of the distributable profits, and the right to appoint all members of the board of directors.
Capital Markets Authority (CMA) approved the deal on 6th July, Competition Authority of Kenya approved on 3rd August, while the Central Bank of Kenya approved the deal on 7th August.
Co-op Bank Group subsidiaries now include;
- The Co-operative Bank of Kenya Limited
- Co-optrust Investment Services Limited – 100%
- Co-op Consultancy & Insurance Agency Limited – 100%
- Kingdom Securities Limited – 60%
- Co-operative Bank of South Sudan Limited – 51%
The Group’s associates include
- CIC Insurance Group – 24.7%
- Co-op Bank Fleet Africa Leasing Limited – 25%
The group has an asset base of over Ksh513 billion and reported a profit before tax of ksh9.6 billion in the half-year to June 30, 2020.
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