Co-operative Bank of Kenya is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The bank has introduced Agency banking model and has a deep customer base in Kenya with over 7.5 million accounts as of December 2018. In 2010, the bank was awarded “Best Bank of Kenya” by the London Financial Times due to their excellent growth
Overview
The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya. Cooperative Bank is a large financial services institution. Its total assets were valued at US$3.9 billion (KES:404.15 billion). At 31 December 2013, its shareholders’ equity was valued at approximately US$425 million (KES:36.8 billion). As of May 2012, the bank controlled about 8.2% of all bank assets in Kenya.
History
The bank was established in 1965, initially as a cooperative society. The banking license was granted in 1968. The Kenya Government directed all cooperative societies in the country to transfer their deposits to the Cooperative Bank of Kenya and that all cooperatives buy the bank’s shares. In 1977, the bank opened its first subsidiary: Cooperative Finance Limited. In 1989, the bank converted to a fully fledged commercial bank and increased its products menu. In 1998 the bank’s headquarters were relocated following destruction of the original premises by the bombing targeting the nearby Embassy of the United States of America. That same year, the bank became an agent of the money-transfer service company MoneyGram. In 2002, the bank’s headquarters returned to Cooperative Bank House following renovations. In 2008, the bank listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.
In March 2020, Co-operative Bank of Kenya announced its plans to acquire Jamii Bora Bank.[8]
Member companies
The companies that comprise the Cooperative Bank Limited include, but are not limited, to the following:
- Kingdom Securities Limited – Nairobi, Kenya – 60% shareholding
- Co-opTrust Investment Services Limited – Nairobi, Kenya – 100% shareholding
- Co-operative Consultancy Services Kenya Limited – 100% shareholding
- CIC Insurance Group Limited – 35.71% shareholding
- Co-operative Bank of South Sudan – Juba, South Sudan
- Co-operative Bank Foundation – Nairobi, Kenya
- Co-operative Bank Ethiopia – Addis Ababa, Ethiopia – In development
- Co-operative Bank Uganda – Kampala, Uganda – In development.
- Jamii Bora Bank – Nairobi, Kenya (90percent shareholding
Ownership
The bank’s stock is owned by the following corporate entities and individuals:
Rank | Name of Owner | Percentage Ownership |
---|---|---|
1 | CoopHoldings Cooperative Society Limited | 65.0 |
2 | Over 116,000 “Other” Investors | 35.0 |
Total | 100.00 |
CoopHoldings Cooperative Society Limited is a holding company owned by the cooperative societies within Kenya, who jointly own a controlling majority of shares totaling 65% of all company stock. The remainder is owned by individual and institutional investors through the Nairobi Securities Exchange.
Governance
The bank is governed by an eighteen-person board of directors. John Murugu, one of the non-executive directors, is the chairman. The managing director and chief executive officer is Gideon Maina Muriuki, MBS. He is assisted by seven other senior managers in supervising the day-to-day activities of the bank.
APPLICATION FORMS
- Our Agent Locations
- MSME Terms & Conditions
- Agency Banking Claim Form
- Approved Banking Agents
- Co-op Kwa Jirani Agencies
- M-CO-OP Cash Forms
- Supplier Pre-Qualification Notice
- Terms and Conditions of Account Opening
INTEGRATED REPORTS
- Co-op Bank 2019 Integrated report
- 2019 ANNUAL REPORT
- Co-op Bank 2018 Integrated Report
- Co-op Bank 2017 Integrated Report
- Co-op Bank 2016 Integrated Report
- Co-op Bank 2015 Annual Report
- Co-op Bank 2014 Annual Report
- Co-op Bank 2011 Annual Report
- Co-op Bank 2010 Annual Report
FINANCIAL STATEMENTS
-
- 2013
- Full Year 2013
- Q1 2013
-
- 2012
- Full Year 2012
- H1 2012
- Q1 2012
-
- 2011
- Full Year 2011
PRESS RELEASES
-
- 2020
- Co-op Bank named Bank of the Year in Kenya 2020 by FT, Launches Paperless account-opening
- CO-OP BANK JOINS GLOBAL FIGHT AGAINST ILLEGAL WILDLIFE TRAFFICKING
- Sh5Mn awarded to Co-opBank Akili Kali Innovation Challenge
- Public Announcement – Jamii Bora Bank Limited
- Co-operative Bank of Kenya partners with Thunes to rollout Co-opRemit
- Co-op Bank signs a Ksh.500 Million Fertilizer Distributor Financing with YARA
- HIGH-COURT-ORDER-MISC.-NO-E680-OF-2020 (003)
- CMA letter of No Objection
- Laikipia County and Co-op Bank Partner to Launch Laikipia Enterprise Fund
- Acquistion of 90% of Jamii Bora Bank Limited by Co-operative Bank of Kenya
- Press Release – Co-op Bank AGM ratifies Sh5.9B Dividend & Jamii Bora Acquisition
- Co-operative Bank launches Akili Kali Innovation Challenge
- Metrotrans Sacco Acquires 45 New Buses Financed By Co-operative Bank
- Co-opBank reports Sh13.8b Pretax profit for Q3 2020
- CoopBank H12020 Financial Results Press Release
- Co-op Bank Q1 2020 Financials Press Release
- Co-op Bank Announces Sh5.9 Billion Dividend Payout
- Co-op Bank Launches Import Finance Product for MSMEs
- Co-op Bank 2020 Education Scholarships
-
- 2019
- Co-op Bank Full Year 2019 Financial Results Released
- Co-op Bank Named Best Bank in Kenya at EMEA Finance Awards 2019
- Press Release Q3 2019 Financials
- Co-op Bank Supports Free Cancer Screening Campaign in Kakamega
- Coop Bank 2019 Half Year Financials Press Release
- Co-op Bank Supports Metropolitan National Sacco
- Co-op Bank and Super Group Deepen Leasing Partnership
- Co-operative Bank Kenya partners with WorldRemit
- Co-op Bank Q1 2019 Press Release
- Co-op Bank Partnership with World Navi
- Isuzu EA & Co-op Bank Daily Repayment Scheme Press Release
- Co-op Bank MSME Networking Forum Nakuru
- Co-op Bank Kicksoff MSME Networking Forum
- Co-op Bank 2019 Education Scholarships
- Co-op Bank Supports Beyond Zero Campaign 2019
-
- 2018
- Full Year 2018 Financial Results
- Press Release Quarter 3 2018 Financials
- Sh 890M Co-op Bank Fleet Leasing
- 2018 Half Year Financial Results
- MSME Press Release
- Co-op Bank 2018 Half Year Financial Results
- Co-opBank Xpress Money Partnership
- Q1 2018 Financial Results Press Release
- Co-op Bank named Best Retail Bank & Best SME Bank in Kenya
- Interest Adjustment
- 2018 Education Scholarships
NOTICES
- TERMS AND CONDITIONS FOR INTERNET BANKING
- NOTICE OF THE 12TH ANNUAL GENERAL MEETING
- Energy Management Policy Statement 05 Aug 2020
- Proposed Acquisition By Co-operative Bank of Kenya of 100% Shares of Jamii Bora Bank Limited
- Interest Rates Adjustment
- Statement on the sad passing on of Former Bank Chairman, Mr Stanley Muchiri – EBS
- Pubic Announcement – Shares Register Closure Date 2018
- Notice of the Annual general meeting 2015
- Notice of the Annual general meeting 2016
PROXY FORMS
INVESTOR BRIEFINGS
-
- 2017
- Full Year 2017
- Q3 2017
- Q1 2017
CONFERENCE CALL TRANSCRIPTS
-
- 2015
- Q3 2015
ANALYSIS AND REVIEWS
- Investec 2020 Research notes on Kenya vs Nigerian Banks
- Co-operative Bank of Kenya Group – FY19 Results Preview
- Kenyan Banks: Rencap Research Note
- Co-op Bank Company Update 2019
- Co-op Bank Company Update 2018
- Co-op Bank defies South Sudan turmoil to rake in profits
- Kenyan Banks: Much To Gain
- Kestrel Capital Recommends Co-op as a buy at 26.37
- Exotix recommend a strong BUY on Co-op Bank
- CO-OP Q3 2015 Results Review – SBG Securities
- CO-OP Q3 2015 Results Review – Renaissance Capital
- CO-OP Q3 2015 Results Review – NIC Securities
SUSTAINABILITY REPORTS
- 2019 Sustainability Review
- 2018 Sustainability Report
- 2017 Sustainability Report
- 2016 Sustainability Report