Coop Bank set to go regional after South Sudan success

30th May 2016

Cooperative Bank is looking to expanding into other East African markets after enjoying success in South Sudan. This was revealed during the bank’s annual general meeting (AGM) which was held on Friday last week at the Bomas of Kenya.

“We are looking to grow our regionally, since neighbouring markets are welcoming and seem to respond positively to local banks,” Coop Bank’s Chief Executive Officer Gideon Muriuki said.

During the meeting, Coop Bank revealed that was eyeing a piece of the market in Rwanda, Ethiopia, Tanzania and Uganda.

At the meeting, Coop Bank shareholders re-elected re-elect Stanley Muchiri and Julius Riungu as the group chairman and vice-chairman respectively. Ernst and Young were re-appointed as the auditors of the company.

Interestingly, Coop noted that it had successfully engaged in the training of over 30,000 smallholder farmers in corporate governance & financial management.

Additionally, during the AGM, Coop Bank announced that its shareholders would get a dividend pay of Sh. 0.80 per share. This was a growth of 60 per cent from the Sh. 0.50 per share dividends paid out in the previous year.

Mr. Muriuki noted that Coop bank had embarked on maintaining high yields for shareholders, by continuously offering increased dividend percentages in comparison to other local banks. “Coop Bank has maintained one of the highest dividend payouts in the industry on the back of sustained profitability. The 2015 financial year was particularly exceptional with profit before tax standing Sh15.38 billion as compared to Sh10.92 billion recorded in 2014, which was a 41 per cent growth and one of the finest in the local banking sector,” he said.