Co-op Bank ventures into leasing business in partnership with Super Group
David Indeje
Co-operative Bank of Kenya has announced that it’s entering into a leasing business in partnership with Super Group Limited, an established global leader in leasing business based in South Africa and listed on the Johannesburg Securities Exchange. This is after receiving the regulatory approval from the Central Bank of Kenya (CBK) a partnership to leverage on the opportunities in the growing Kenyan economy and the region. “The Joint Venture will take advantage of key strengths by the two partners and focus on the emerging opportunities in leasing business with the bank providing the customer base and Super Group providing proven products, technology and expertise on the running of a scalable leasing business,” says Dr. Gideon Muriuki, the Group’s Chief Executive. The joint venture is targeting major infrastructure projects, government leasing, especially vehicles, exploration and mining activities including oil and gas as well as other sector demands including manufacturing, construction, transport, ICT among others. “The joint venture will also leverage on the support of the Co-operative movement with over 14 Million customers and over 22,000 co-operative societies. The joint venture is expected to substantially boost the bank’s strategy of diversifying revenues and is being operationalised immediately,” the Bank said.
