Name: COOPERATIVE BANK OF KENYA
Item: COOPERATIVE BANK OF KENYA
Author: Admin

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 as it 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.
The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya. As of March 2015, its total assets were valued at approximately US$3.345 billion (KSh309.6 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
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 the 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 was listed on the Nairobi Securities Exchange, where its shares trade under the symbol: COOP.

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