Jamii Bora Bank Renamed Kingdom Bank Limited By Co-op

Mr. Mburu has been the director for credit management at Co-op Bank. He is a senior executive in the banking industry with over 25 years of experience and takes over from Tim Kabiru who has been heading Jamii Bora. The changes come after Co-op Bank acquired a 90 percent stake in the small lender by injecting in 1 billion shillings.

Kingdom Bank will now trade as a subsidiary of Co-op Bank, with its brand also donning the green colors that are synonymous with the Nairobi Securities Exchange-listed lender.

“Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” said Co-op Bank in a statement on Tuesday.

Co-op has also appointed a new board that will be chaired by Margaret Karangatha with Co-op Bank managing director Gideon Muriuki being a member alongside Macloud Malonza and Julius Sitienei.

“The transaction has now been completed and Co-op Bank appointed a new board as hereunder to drive the needed transformation agenda,” said the bank in a statement.

Co-op Bank commenced operations in 1965 and is owned predominantly by the 15 million-member Kenyan co-operative movement.

It was listed on the Nairobi Securities Exchange in 2008. It was ranked 3 out of 39 banks in terms of market share as of June 30, 2020, with a market share of 9.96 percent and 159 branches in Kenya and South Sudan.

JBB, now Kingdom Bank, on the other hand, was established in 2010 after the acquisition by City Finance Bank Limited of the business of Jamii Bora Kenya Limited, a Micro Finance Institution.

The bank was ranked 38 out of 39 banks in terms of market share as of June 30, 2020, with a market share of 0.09 percent and 17 branches across the country.