The Co-operative Bank of Kenya has offered to fully acquire Jamii Bora Bank, the central bank said on Wednesday, March 11, in the latest instance of consolidation in the banking industry.
The 55-year old Co-op Kenya, which is mainly owned by members of the East African nation’s co-operative movement, is the fourth-largest lender, controlling 9.63% of the market with 159 outlets, reported Reuters.
Jamii Bora is the second smallest of Kenya’s 39 lenders, with just 0.12% market share and 17 branches.
The central bank said the proposed transaction, which requires regulatory approvals, will “diversify the business models of the two institutions and enhance the stability of the Kenyan banking sector.”
