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Co-op Bank to open 5 new branches in growth drive

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Co-op Bank Nairobi Branches: The Co-operative Bank is set to open five new branches in an expansion and growth drive that is aimed at bringing banking services closer to customers.

The bank, which is one of the most formidable financial institutions in Kenya will open the five branches in Nairobi, Kapenguria, Maralal and Chogoria. The new branches are expected to not only enhance the bank’s reach, but also compliment the bank’s growing offering of digital banking services and platforms.

“We believe there is no one single channel that will displace all others. Rather, it is the investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer,” said Co-op bank chief executive officer Gideon Muriuki.

The new branches will take the bank’s total number of branches in the country to 160.

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“Our branches are increasingly becoming service hubs to the network of Saccos who form the bedrock of the bank’s customers. Bank agents also depend on these branches for cash management services,” said Mr. Muriuki.

In Nairobi, the new branches will be located along Kenyatta Avenue and Parliament tower. the branch at Kenyatta Avenue will be hosted at Standard Building.

Last year, Co-op Bank’s branch network increased from 148 to 155. This saw the bank create 188 new jobs for banking professionals.

Already, Co-op Bank has set up a host of branches in targeted areas within the country to ensure that Kenyans are able to access banking services easily and on the go.

In march this year, Co-op Bank announced an annual profit before tax of Sh. 18.2 billion. This represented a growth of 11 per cent from the Sh. 16.4 billion that the lender scored in the previous financial year. In net, the bank recorded a net profit of Sh. 12.7 billion. This was a growth of 11.6 per cent.

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