Jamii Bora renames, gets new CEO after acquisition
Kingdom Bank Limited, previously Jamii Bora Bank.
What you need to know:
- Co-op Bank Tuesday morning unveiled Mr Anthony Mburu as the new CEO of the rebranded outfit.
- He is a senior executive in the banking industry with over 25 years of experience.
- Kingdom will now trade as a subsidiary of Co-op Bank.
- Its brand is also donning the green colours that are synonymous with Co-op.
Jamii Bora Bank has received new chief executive and renamed to Kingdom Bank Limited in major changes by Cooperative Bank of Kenya after acquiring a controlling stake.
Co-op Bank Tuesday morning unveiled Mr Anthony Mburu as the new CEO of the rebranded outfit, in changes that also saw it name a new board.
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 Mr Tim Kabiru who has been heading Jamii Bora.
The changes come after Co-op Bank acquired a 90 per cent stake in the small lender by pumping in Sh1 billion.
Kingdom will now trade as a subsidiary of Co-op Bank, with its brand also donning the green colours that are synonymous with the Nairobi Securities Exchange – listed lender.
New board
“The transaction has now been completed and Co-op Bank appointed a new board,” said the Co-op Bank in a statement.
The board will be chaired by Margaret Karangatha with Co-op Bank managing director Gideon Muriuki being a member.
Co-op has been hinting at using the new subsidiary to deepen micro, small and medium sized firms banking, microfinance, youth and women banking, asset finance and leasing.
“The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialised credit offerings,” said Mr Muriuki in a recent statement.
