Cooperative Bank of Kenya

Cooperative Bank of Kenya

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Type	Public: NSE: COOP
Industry	Financial Services
Founded	1965
Headquarters	Nairobi, Kenya
Key people	Stanley Charles Muchiri Chairman Gideon Maina Muriuki Managing Director
Products	Loans, Checking, Savings, Investments, Debit Cards
Revenue	Aftertax: US$54.1 million (KES:4.58 billion) (2010)
Total assets	US$1.76 billion (2010)[1]
Employees	2,450+ (2009)
Website	Homepage

Cooperative Bank of Kenya is a commercial bank in Kenya. It is one of the forty-four (44) licensed commercial banks in the country.^[2] The bank is one of the largest Kenyan banks by assets.^[3]

Overview

Cooperative Bank is a large financial services institution. As of December 2010^[update], it was the third-largest financial services provider in Kenya, by market value, behind Kenya Commercial Bank and Barclays Bank Kenya. At that time its total assets were valued at approximately US$1.76 billion (KES:141.1 billion).^[4] The shareholders' equity in the institution was valued in excess of US$240 million (KES:20.2 billion).^[5] The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya. The bank has four (4) subsidiary companies namely:^[6]

1. Kingdom Securities Limited - Nairobi, Kenya - 60% shareholding
2. Co-opTrust Investment Services Limited - Nairobi, Kenya - 100% shareholding
3. Co-operative Consultancy Services (K) Limited - 100% shareholding
4. CIC Insurance Company Limited - 25% shareholding^[7]
5. Cooperative Bank Southern Sudan - Juba, Southern Sudan (Coming in 2011)

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.^[8] In 2008, the bank listed on the Nairobi Stock Exchange, where its shares trade under the symbol: COOP.^[9]

Ownership

The bank's stock is owned by the following corporate entities and individuals: ^[10]

Cooperative Bank of Kenya Stock Ownership

Rank Name of Owner Percentage Ownership 1 CoopHoldings Cooperative Society Limited 64.56 2 Over 111,700 "Other" Investors 35.44 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 almost 65% of the total. The remainder is owned by individual and institutional investors through the Nairobi Stock Exchange. Branch Network As of October 2010[update], Cooperative Bank of Kenya Maintains branches at the following locations:[11][12] Aga Khan Walk Branch - Nairobi Athi River Branch - Athi River, Nairobi Buru Buru Branch - Buru Buru, Nairobi Cooperative House Branch - Halie Selassie Avenue, Nairobi Main Branch City Hall Branch - Nairobi City Hall, Nairobi Dandora Branch - Kenyatta Road, Dandora, Nairobi Eastleigh Branch - Eastleigh, Nairobi Embakasi Branch - North Airport Road, Embakasi, Nairobi Enterprise Road Branch - Enterprise Road, Nairobi Gikomba Branch - Gikomba, Nairobi Githurai Branch - Githurai, Nairobi Industrial Area Branch - Industrial Area, Nairobi Kangemi Branch - Seraben Supermarket Building, Nairobi Kariobangi Branch - Kariobangi, Nairobi Kawangware Branch - Kawangware, Nairobi Kayole Branch - Kayole, Nairobi Kibera Branch - Nyakoboke House, Kibera, Nairobi Kimathi Street Branch - Kimathi Street, Nairobi Kitengela Branch - Kitengela, Nairobi Moi Avenue Branch - Moi Avenue, Nairobi Nacico Plaza Branch - Nacico Plaza, Nairobi Nairobi Business Centre Branch - Ngong Road, Nairobi Ongata Rongai Branch - Ongata Rongai, Nairobi Parliament Road Branch - Cannon House, Nairobi River Road Branch - River Road, Nairobi Stima Plaza Branch - Stima Plaza, Nairobi Tom Mboya Branch - Tom Mboya Street, Nairobi Ukulima House Branch - Ukulima House, Nairobi University Way Branch - University Way, Nairobi Upperhill Branch - Kuscco Centre, Upper Hill, Nairobi Wakulima Market Branch - Wakulima Market, Nairobi Westlands Branch - Westlands, Nairobi Zimmerman Branch - Kamiti Road, Zimmerman, Nairobi Bomet Branch - Bomet Bungoma Branch - Bungoma Busia Branch - Busia Chogoria Mobile Branch - Chogoria Chuka Branch - Chuka Eldoret Branch - Eldoret Embu Branch - Embu Garissa Branch - Kismaiyu Road, Garissa Homa Bay Branch - Homa Bay Kajiado Branch - Kajiado Kakamega Branch - Kakamega Kapsabet Branch - Kapsabet Karatina Branch - Karatina, Nyeri Kericho Branch - Kericho Keroka Branch - Keroka Kerugoya Branch - Kerugoya Kiambu Branch - Kiambu Kisii Branch - Kisii Kisumu Branch - Kisumu Kitale Branch - Kitale Kitui Branch - Kitui Machakos Branch - Machakos Makutano Branch - Meru Malaba Mobile Branch - Malaba Malindi Branch - Kenyatta Avenue, Malindi Mariakani Branch - Nairobi–Mombasa Highway, Mariakani Maua Branch - Maua Mbita Branch - ICIPE Road, Mbita Meru Branch - Meru Migori Branch - Migori, Homa Bay Digo Road Branch - Digo Road, Mombasa Kenyatta Avenue Branch - Kenyatta Avenue, Mombasa Likoni Branch - Likoni Shopping Centre, Mombasa Nkrumah Road Branch - Nkrumah Road, Mombasa Mtwapa Branch - Mtwapa, Mombasa Mumias Branch - Mumias Murang'a Branch - Murang'a Mwingi Branch - Mwingi Naivasha Branch - Naivasha Nakuru Branch - Nakuru Nakuru East Branch - Kenyatta Avenue, Nakuru Nanyuki Branch - Kiangima Complex, Nanyuki Narok Branch - Olmaa House, Narok Nkubu Branch - Chuka–Meru Road, Nkubu Nyahururu Branch - Nyahururu Nyamira Branch - Kisii-Nyamira Highway, Nyamira Nyeri Branch - Nyeri Siakago Branch - Siakago Siaya Branch - Moi Avenue, Siaya Tala Branch - Tala Thika Branch - Thika Ukunda Branch - Ukunda Voi Branch - Voi Governance The bank is governed by an eighteen (18) person Board of Directors. Stanley Charles Muchiri, one of the Non-Executive Directors is the Chairman.[13] The Managing Director and Chief Executive Officer is Gideon Maina Muriuki. He is assisted by seven (7) other senior managers in supervising the day-to-day activities of the bank.[14] See also List of banks in Kenya Central Bank of Kenya Economy of Kenya External links Cooperative Bank (Kenya) Website Company Profile At Firstglobalselect.com Company Profile At Google Finance CIC Insurance Group Limited References ^ Estimated Total Assets December 2010 ^ Kenya Has Forty Four Licensed Commercial Banks ^ Cooperative Bank of Kenya Is One of Kenya's Large Commercial Banks ^ 2010 Kenya Bank Rankings ^ Shareholders' Equity In December 2010 ^ Subsidiaries of Cooperative Bank of Kenya ^ Cooperative Bank Acquires 25% Shareholding In CIC Insurance ^ History of Cooperative Bank of Kenya ^ Cooperative Bank Kenya is Listed on Nairobi Stock Exchange ^ Shareholders in Cooperative Bank of Kenya ^ Nairobi Branches of Cooperative Bank of Kenya ^ Upcountry Branches of Cooperative Bank of Kenya ^ Directors of Cooperative Bank of Kenya ^ Management Board of Cooperative Bank of Kenya