Jamii Bora Bank has been renamed to Kingdom Bank Limited following a buyout by acquisition by Co-operative Bank.
Former Co-operative Bank director for credit management Anthony Mburu has been appointed the new Chief Executive Officer (CEO) of the bank.
The new CEO takes over from Tim Kabiru who has been heading Jamii Bora.
“Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” Co-operative Bank Managing Director Gideon Muriuki said in a statement.
Co-op bank also named a new board of the lender that will be chaired by Mrs Margaret Karangatha. Others on the board include Macloud Malonza, Julius Sitienei, and Group MD Gideon Muriuki.
Under the acquisition deal, Kingdom Bank will trade as a subsidiary of Co-op Bank.
Other Co-op Bank Group subsidiaries include Co-optrust Investment Services Limited and Co-op Consultancy & Insurance Agency Limited, which it owns fully.
The lender also holds 60 percent stake in Kingdom Securities Limited, and 51 percent in Co-operative Bank of South Sudan.
Associate firms include CIC Insurance Group (24.7 percent) and Co-op Bank Fleet Africa Leasing Limited with a 25 percent stake.
“The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialised credit offerings,” said Mr Muriuki.
Co-op Bank holds 90 percent stake in the new Kingdom Bank.