Wednesday, May 18, 2022

Co-operative Bank set to acquire Jamii Bora Bank

The Co-operative Bank of Kenya has announced its interest in the acquisition of Jamii Bora Bank.

In a notice to the Central Bank of Kenya, the move has been welcomed and will be followed closely.

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Through a press release, CBK confirms to have been advised on the interest which is subject to regulatory approval.

They have termed the acquisition as a diversification of business between the two banks and will bring stability to the industry.

Jamii Bora Bank was established in 2010 by City Finance Limited as a microfinance institution.

It is ranked position 38 out of 39 in Kenya controlling a market share of 0.12% and has 17 branches across the country.

Co-operative, on the other hand, is ranked position four out of 39 controlling a market share of 9.63 percent in the country as of December 2019.

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