Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

CBK okays Jamii Bora buyout by Co-Operative Bank

NAIROBI, Kenya, Aug 9- The Central Bank of Kenya has given Co-operative Bank of Kenya the green light to acquire Jamii Bora Bank.

The regulator in a statement said that the 90 percent acquisition of the bank should be completed by end of this month.

“CBK announces the acquisition of 90 percent of shareholding of the Jamii Bora Bank by Co-op Bank effective August 21, 2020 following further approvals by among them the Jamii Bora shareholders and the National Treasury,” CBK said.

Last month, Jamii Bora Bank shareholders y backed the proposal in that allowed Co-op Bank to acquire a 90 per cent stake and rights to appoint a new board to run the bank.

The transaction has been reached where Co-Op Bank will acquire 224.2 million ordinary shares in Jamii Bora Bank in exchange for a Sh1 billion capital injection.

At the same time, the bank will also be seeking to tap on Jamii Bora’s network which has 444,000 customers and 17 branches across the country.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...