Jump to content

Co-operative Bank of Kenya

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Zotezangu (talk | contribs) at 22:08, 16 August 2015 (Fixing Reflist). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Cooperative Bank of Kenya
Company typePublic company
KN: COOP
IndustryFinancial Services
Founded1965
HeadquartersNairobi, Kenya
Key people
Stanley Charles Muchiri, EBS
Chairman
Dr. Gideon Maina Muriuki, MBS
Managing Director & CEO
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncreaseAftertax: US$86.5 million (KES:8 billion) (2014)[1]
Total assetsUS$3.345 billion (KES:309.6 billion) (March 2015)
Number of employees
3,000+ (2013)
Websitewww.co-opbank.co.ke

Cooperative 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.[2] The bank has the second highest customer base in Kenya with over 3.5 million accounts as of June 2013. In 2010, the bank was awarded "Best Bank of Kenya" by the London Financial Times due to their excellent growth.[3]

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. As of March 2015, its total assets were valued at approximately US$3.345 billion (KSh309.6 billion). [1] At 31 December 2013, its shareholders' equity was valued at approximately US$425 million (KES:36.8 billion).[4] As of May 2012, the bank controlled about 8.2% of all bank assets in Kenya.[5]

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.[6] In 2008, the bank listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.[7]

Member companies

The companies that comprise the Cooperative Bank Limited include, but are not limited, to the following:[8]

Ownership

The bank's stock is owned by the following corporate entities and individuals:[12]

Cooperative Bank of Kenya Stock Ownership
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 totalling 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. Stanley Charles Muchiri, EBS, one of the non-executive directors is the Chairman. The Managing Director and Chief Executive Officer is Dr. Gideon Maina Muriuki, MBS. He is assisted by seven other senior managers in supervising the day-to-day activities of the bank.[13]

See also

References

  1. ^ a b Mutegi, Mugambi (29 April 2015). "Coop Bank Posts 29 Percent Growth In Earnings On Interest Income". Business Daily Africa (Nairobi). Retrieved 29 April 2015.
  2. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  3. ^ Mugwe, David (2 February 2011). "Co-op Bank Wins Financial Times' Award for Growth". Business Daily Africa (Nairobi). Retrieved 18 August 2014.
  4. ^ COOPBK, . (19 March 2014). "Press Release for the Audited Full Year 2013 Ended 31 December 2013". Cooperative Bank of Kenya (COOPBK). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  5. ^ Gachiri, John (23 May 2012). "Co-operative Bank Secures KSh5.5 Billion World Bank Loan for SMEs". Business Daily Africa (Nairobi). Retrieved 18 August 2013.
  6. ^ COOPBK, . "The History of Cooperative Bank of Kenya". Cooperative Bank of Kenya (COOPBK). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  7. ^ NSE, . "The Listed Companies At Nairobi Securities Exchange". Nairobi Securities Exchange (NSE). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  8. ^ COOPBK, . "Cooperative Bank of Kenya Subsidiaries". Cooperative Bank of Kenya (COOPBK). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  9. ^ CICIGL, . (11 March 2014). "Audited 31 December 2013 Annual Report And Other Disclosures" (PDF). CIC Insurance Group Limited (CICIGL). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
  10. ^ Mungai, Richard (31 May 2014). "Kenya: Co-Op Bank Confident of Profit In South Sudan Despite Conflicts". The Star (Kenya) via AllAfrica.com. Retrieved 18 August 2014.
  11. ^ Reuters, . (13 August 2014). "Kenya's Co-op Bank To Expand In The Region After Solid First Half". Reuters © Thomson Reuters 2014. Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help); |last= has generic name (help)
  12. ^ "Shareholding In Cooperative Bank of Kenya". ProudlyAfrican.Info © 2014 Global Village Partnerships. Retrieved 18 August 2014.
  13. ^ COOPBK, . "The Cooperative Bank of Kenya Board of Directors". Cooperative Bank of Kenya (COOPBK). Retrieved 18 August 2014. {{cite web}}: |first= has numeric name (help)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Co-operative_Bank_of_Kenya&oldid=676422632"