Co-operative Bank Haile Selassie Avenue in this picture taken on Sunday, March 31, 2024. DENNIS ONSONGO|NATION
Co-operative Bank of Kenya has signalled plans to expand into new markets and appoint a separate CEO to lead its banking unit in the country following the creation of a holding company and a new subsidiary for its core banking operations.
The Nairobi Securities Exchange-listed bank has said that it has received approval by its board for a new structure that will see the Co-operative Bank of Kenya Limited renamed as Co-op Bank Group PLC and a new banking business subsidiary, Co-op Bank Kenya Limited, created.
Co-op Bank Group PLC will be a non-operating holding company, while Co-op Bank Kenya Limited will be the unit dedicated to banking operations in Kenya. The new model awaits approval from shareholders, the Central Bank of Kenya, the Capital Markets Authority and other regulatory agencies.
