The Co-operative Bank has been named as the best bank in Kenya. The bank bagged the award during the 2021 edition of the African Banking Awards that were organised by EMEA Finance.
During the awards, Co-op Bank’s subsidiary, Co-opTrust Investment Services Limited, took home the Best Asset Manager award. This award was not come in vain as the subsidiary has Sh. 181 billion in assets under its management. Co-op Trust is one of the largest and most successful locally-owned asset management firms in Kenya.
Co-op Bank’s Gideon Muriuki named best bank CEO in Africa
The EMEA Finance awards also recognized Co-op Bank’s successful acquisition and stabilization of Jamii Bora Bank which has since been renamed as Kingdom Bank. The bank acquired 90 per cent stake in Jamii Bora Bank in August 2020 for Sh. 1 billion.
Co-op Bank was further recognized for the way it managed the economic disruption that was brought about by the pandemic in 2020. To manage the disruption caused by the pandemic in 2020, the bank had undertaken a deep analysis to identify inefficiencies, which were resolved through redeployment of staff and other resources. Currently, the bank has over Sh. 536.9 billion in its assets, making it one of the biggest lenders in the region.
In what turned out to be night of victories for Co-op Bank, the Group Managing Director & Chief Executive Officer Dr. Gideon Muriuki was named as the best ban chief executive officer in Africa. Dr. Muriuki was recognized for the bold decision to sustain the payment of dividends to shareholders despite the pandemic, which offered a critical relief and timely support to the over 15 million-member Co-operative movement.
In addition, the award recognized the decision by Dr. Muriuki not to push for staff retrenchment and opting to retain full staff complement during the pandemic.