Cooperative Bank of Kenya (NSE:COOP) has opened talks to buy a 100 percent stake in Jamii Bora Bank, bolstering the listed lender’s asset base and increasing acquisitions in Kenya’s banking sector.
The bank announced on Wednesday morning that its board has given green lights for the talks which if successful would be followed by regulatory approvals to seal the deal.
“The board of directors of Co-operative Bank of Kenya has approved the progression of discussions with Jamii Bora Bank which, if successful, would lead to the Co-operative Bank acquiring the 100 percent shareholding in Jamii Bora Bank,” Co-op bank announced.
“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.”
The development comes months after the previous Jamii Bora suitor, Commercial Bank of Africa, dropped its acquisition bid and instead merged with NIC Bank to form NCBA group.
