Co-op Renames Jamii Bora to Kingdom Bank, Names Anthony Mburu Chief Executive

David Indeje is Khusoko’s Digital Editor, covering East African markets.
Jamii Bora Renamed Kingdom Bank after Co-op Buyout

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.

Jamii Bora Bank Renamed Kingdom Bank Limited
Jamii Bora Bank Head Office now Kingdom Bank Limited in Kilimani.

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.

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 Tim Kabiru who has been heading Jamii Bora. 
The new board will be expected to provide leadership and guidance to steer the new entity through transition and eventual integration within the Co-op Bank Group – a lender with over KSh513
billion asset base – and largely owned by over 15 million member Kenya Co-operative movement.
David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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