Business
Jamii Bora Bank Renamed Kingdom Bank After Acquisition By Co-op Bank
The former headquarters of Jamii Bora Bank Limited (JBBL) were renamed Kingdom Bank, a name associated with Co-operative Bank of Kenya.
Co-operative Bank earlier this month took control of over ninety percent of Jamii Bora Bank.
In a statement, co-op bank said the transaction will diversify the business model of the two institutions, benefiting Co-op bank’s shareholders and enhancing the resilience of the Kenyan banking sector.
On Tuesday, Co-op Bank also unveiled Anthony Mburu as the new Chief Executive Officer of Kingdom Bank, 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 Tim Kabiru who has been heading Jamii Bora
The third tier bank was struggling with cash reserve ratios of 11.1 percent, far below the minimum statutory requirement of 20 per cent.
In the deal, Co-op bank was issued with 224.1 million new “class A” shares equivalent to 90 percent shareholding, while the stake of the existing shareholders will be diluted to 10 percent.
JBB’s existing issued 24.9 million ordinary shares of Ksh66 each will now be re-designated and re-classified as class b ordinary shares, giving owners room to share in future profits as opposed to cashing out at once.
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