NAIROBI, Kenya, Nov 20 – The Co-operative Bank of Kenya Group Managing Director and CEO Gideon Muriuki, has been awarded the Honorary Degree of Doctor of Businesses Leadership (Honoris Causa) by the Kabarak University in recognition of his exemplary performance in entrenching the co-operative banking model in the Kenyan financial market and the demonstrated leadership in sustainable growth over the last 10 years.
Under his watch, the Co-operative Bank of Kenya has climbed from a Sh 2.3 billion loss to a Sh 5.6billion profit.
For the first nine months for 2011, Muriuki’s specific mandate at the point of engagement was to return the bank to profitable trading away from massive loss position.
The Bank has since increased its customers base from 125,000 to the now 2.4 million customers, grew its branch network from 30 branches to over 94 and more importantly unique interconnectivity with the Co-operative movement to reach the over 9million members of the movement.
Commenting on this award Muriuki said: “The success of Co-operative Bank cannot be appreciated by simply looking at its good financial performance alone. Rather, its strength lies in the transformative influence it has had in the lives of millions of Kenyans who depend on the co-operative movement. It is great privilege for me to serve an institution that has made such a tremendous contribution to the improvement of the welfare of so many Kenyans. I take this award as an affirmation that service with integrity and honour will always be rewarded in the fullness of time.”
Muriuki is also credited with successful restructuring of the Bank and its listing on the Nairobi Stock Exchange at a time when even the most optimistic analysts were predicting a poor subscription of the Initial Public Offer. The Bank’s IPO was awarded the Best IPO in Africa in 2008 by Africa Investor Awards. Recently the Bank was awarded the 2010 Best Bank in Kenya by the Financial Times of London.
He is a Director of the Deposit Protection Fund, Vice President Africa International Co-operative Banking Alliance (IBA) and Chairman of Governing Council Africa International University. In 2005, Muriuki was awarded the Order of the Grand Warrior in recognition of his turn –around of the Bank. He is also recipient of a decoration of Chevalier de L’orde National du Burkina Faso by the President of the Burkina Faso in recognition of his outstanding contribution to the rural finance in Africa.