The Cooperative Bank of Kenya has renamed Jamii Bora Bank to Kingdom Bank. The bank has also appointed new chief executive officer. These changes come after Co-op Bank acquired Jamii Bora at Sh. 1 billion. ”Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as “Kingdom Bank Limited,’’ Co-operative Bank chief executive officer Gideon Muriuki said in a statement.
Anthony Mburu was appointed as the new CEO of the rebranded bank in a series of changes that also saw a new board of directors appointed.
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Prior to his appointment, Mr. Mburu has been the director for credit management at Co-op Bank. He is a senior executive in the banking industry with over 25 years of experience and takes over from Timothy Mwaniki Kabiru who has been the CEO of Jamii Bora.
The new board of directors at Kingdom bank will be chaired by Margaret Karangatha after getting a nod from regulators. Others on the board include Macloud Malonza, Julius Sitienei, and Group MD Gideon Muriuki. “The transaction has now been completed and Co-op Bank appointed a new board as hereunder to drive the needed transformation agenda,” Dr. Muriuki said in the statement.
Co-op Bank Group is one of the largest banks in the region with an asset base of over Sh. 513 billion, pre-dominantly owned by the over 15 million member Kenya Co-operative movement. The acquisition now brings the number of Co-op Bank Group’s subsidiaries to six. Others are Co-operative Bank of Kenya, Co-optrust Investment Services Limited, Co-op Consultancy & Insurance Agency Limited, Kingdom Securities Limited 60 per cent and Co-operative Bank of South Sudan Limited 51 per cent. Its associates are CIC Insurance Group (24.7 per cent) and Co-op Bank Fleet Africa Leasing Limited (25 per cent).
