Cooperative Bank of Kenya is now at its final steps to acquiring collapsing Jamii Bora Bank.
Co-opbank began its interest in acquiring 100 percent assets of Jamii Bora Bank in March 2020 after approval by the Central Bank of Kenya (CBK).
“Following the conclusion of a thorough due diligence and a special board meeting held on Wednesday, June 3, 2020, the board approved for recommendation to the shareholders a legally binding offer from Cooperative Bank,” said Jamii Bora Bank chairman Richard Kiplagat.
“A special general meeting of shareholders will be held on July 1, 2020 to obtain requisite shareholder approval,” he said.
It is not yet clear if Co-opbank will allow Jamii Boea retain its name or will totally dissolve it.
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