Jamii Bora Bank (JBB) has been renamed Kingdom Bank following its acquisition by the Co-operative Bank of Kenya.
The acquisition became effective on August 21, 2020 with Co-operative Bank (Co-op Bank)acquiring 90 percent of Jamii Bora Bank Limited.
This was through the subscription of 224,153,154 new class of ordinary shares that will enable Co-op Bank to inject KSh1 billion and appoint a board to run the business.
“Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” said Co-op Bank in a statement on Tuesday.
Kingdom Bank becomes a subsidiary of the Co-operative Bank after the Co-operative Bank of South Sudan and Kingdom Securities Limited with a 60 percent stake.
Other subsidiaries include Co-operative Bank Kenya, Co-op Trust Investment Services, and Co-op Consultancy and Insurance Agency Limited.
“The transaction has now been completed and Co-op Bank appointed a new board as hereunder to drive the needed transformation agenda,” said the bank in a statement.
The new board that will be chaired by Margaret Karangatha with Co-op Bank managing director Gideon Muriuki being a member alongside Macloud Malonza and Julius Sitienei.
Mr. Anthony Mburu was also named the new head of Kingdom Bank Limited.
billion asset base – and largely owned by over 15 million member Kenya Co-operative movement.
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