Co-operative Bank of Kenya has announced plans to acquire 100 per cent shareholding in Jamii Bora Bank, as more lenders move to consolidate operations.
This will see the tier-one lender strengthen its asset base to over Sh462 billion.
The transaction is subject to the successful completion of due diligence by the relevant professional bodies, approval by the Board of Directors and Shareholders of both Co-operative Bank of Kenya Limited and Jamii Bora Bank.
It is also subject to approvals by the Central Bank of Kenya, Capital Markets Authority and Competition Authority of Kenya.
“The acquisition will strengthen both institutions leveraging on their respective well established domestic and regional corporate public sector, retail business and the 15 million-member co-operative movement,” Co-op Bank said in a notice.
If successfully concluded the transaction is likely to lead to a shift in Co-op Banks share price on the Nairobi Securities Exchange.
“Accordingly, shareholders and the investing public are advised to exercise caution when dealing with the Company’s securities,” the lender said.
