Coop Bank picks IPO advisors

August 15, 2008
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, NAIROBI, August 15 – Co-operative Bank of Kenya has picked Dyer and Blair Investment Bank as its Lead Transaction Advisors for its Sh10 billion Initial Public Offer (IPO).

Managing Director Gideon Muriuki announced Friday that Standard Investment Bank and Faida Investment Bank would be the Lead Sponsoring Brokers for the October 20 listing.

“CFC Financial, Discount Securities and African Alliance will be co-sponsoring brokers while Ernst and Young will act as reporting accountants,” a statement from the bank said.

The Capital Markets Authority is yet to approve the IPO, in which Co-op bank hopes to raise funds to finance its expansion plans, and launch new products like mortgages.

If sanctioned, it will be the second public listing this year after the hugely successful Safaricom IPO that was held at the beginning of this year.

The bank has projected a pre-tax profit of Sh3.2 billion and has opened 8 new branches in the last 6 months.

It has over 52 branches with plans of another 20 to be opened before the end of this year.

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