Central Bank of Kenya (CBK) has finally approved that Cooperative Bank of Kenya can acquire 90 per cent of Jamii Bora Bank assets.
This follows after Cooperative Bank showed interest of acquiring the bank in order to save it from collapsing.
Jamii Bora Bank will now work under the Cooperative Bank management from 21st August as approved by the Central Bank.
Cooperative Bank is ranked 3rd in Kenya in market share, a clear proof that the lender is capable of taking Jamii Bora Bank back to life.
Jamii Bora was a tier III lender struggling to make impact in the banking and finance industry in Kenya.
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