https://www.co-opbank.co.ke
Vision/Mission
Vision
To be the leading and dominant Kenyan bank with a strong countrywide presence, playing a central role in the co-operative movement and providing relevant and innovative financial services to our customers for the optimum benefit of all our stakeholders.
Mission
To offer value-added financial services to our chosen market segments with special emphasis on the co-operative movement through a highly effective network of service points, excellent customer service and a highly motivated team of qualified personnel.
Business Description
The Co-operative Bank of Kenya Limited (Co-op Bank) is incorporated in Kenya under the Company Act and is also licensed to do the business of banking under the Banking Act. The bank was initially registered under the Co-operative Societies Act at the point of founding in 1965, but has since become incorporated under the Companies Act and got listed on the Nairobi Securities Exchange (NSE) on December 22, 2008.
The Co-op Bank is a full-service universal bank, offering a range of services spanning retail banking, corporate and trade finance, foreign exchange, mobile and internet services, stock brokerage, fund management, asset finance, mortgage, bancassurance, and custodial and registrar services – all in addition to banking co-operatives.
The Co-op Bank also operates a wholly-owned consultancy company, Co-op Consultancy Services Limited, which provides capacity-building support to Kenyan co-operatives, and at a subsidised rate. This support has enabled co-operatives to access training and capacity building, HR support, sourcing, ICT systems, audits, strategic planning, restructuring and turnaround strategies, amongst others. This support goes some way to explain why Kenyan co-operatives rank as the largest and most successful of their kind on the African continent.
Background
The Co-op Bank was founded in 1965 by co-operative societies and unions who were eager to have a financial institution that better understood and served their needs, the bank has since grown to become one of the largest and most successful financial institutions in the region.
The bank retains a unique shareholding structure with a majority 65% shareholding held collectively by Kenya’s co-operative movement that boasts over 10 million members.
With an asset base of over Kshs 342 billion ($3.4 billion), over 140 branches, over 580 ATMs to serve its over 5.9 million direct customers, the Co-op Bank is an established banking brand that continues to attract admiration for its unique co-operative banking model.
Inspired by its humble beginnings as a bank for small-holder farmers, the bank retains a robust social investment policy that is driven under the Co-operative Bank Foundation. The flagship program is an education scholarship scheme for bright and needy children, which has as of 2016 benefited 4,300 children – a number that will increase by an additional 2,800 in the next two years.
In 2014, the International Banker in its 2014 Africa and Middle East Banking Awards recognized the bank as ‘Best in Retail Banking’ in Kenya, and also feted the bank’s CEO Dr Gideon Muriuki as ‘Best Bank CEO, Africa’. The bank has also been recognized at the 2014 East African Banking Awards by being named ‘Best Bank in Retail Banking’ and also ‘Best Bank in Micro-Finance’.
Management
Board of Management of the Co-operative Bank of Kenya Limited
Dr Gideon Muriuki, MBS, (51), Group Managing Director & CEO
Appointed Managing Director in 2001. Joined the bank in 1996 as a Senior Corporate Manager then Director, Corporate and Institutional Banking in 1999. Holds a Bachelor of Science degree in Mathematics, is a Fellow of the Kenya Institute of Bankers and was awarded an Honorary Doctorate in Business Management. He has over 25 years’ experience in banking and finance. He is also the Managing Director of Co-optrust Investment Services Limited and Co-op Consultancy & Insurance Agency Ltd – both subsidiaries of the bank. He is a Director of Kingdom Securities Limited, Vice-President Africa – International Co-operative Banking Alliance (ICBA), Executive Committee Member of the Kenya Bankers Association and Chairman, Governing Council of the Africa International University. He was voted the CEO of the Year Africa 2014 by the International Banker.
Rosemary Majala Githaiga, (51), Company Secretary
She has over 24 years’ experience as a lawyer and prior to joining the Co-op Bank in 1996, worked for Hamilton Harrison & Mathews Advocates. She is an Advocate of the High Court of Kenya, a member of the Institute of Certified Public Secretaries CPS (K) and an Associate Member of the Chartered Institute of Arbitrators. As the Company Secretary of the Co-op Bank Group, she has responsibility for overall provision of legal counsel and company secretarial services, fraud prevention and investigations and information security. She is also the Trust Secretary for the Co-operative Bank Foundation, the corporate social responsibility vehicle of the bank. She is also a Director of CIC Insurance Group Limited.
Samuel Birech, (52), Chief Operating Officer
He joined the bank in 2002. Sam was appointed Chief Operating Officer in December 2014 and is a career banker with over 20 years’ experience in local and international banks. He has held various senior positions and was previously the Director, Retail Banking for eight years, where he presided over the transformation of the retail and SME business at the bank. He is currently responsible for driving operational efficiency and excellence in shared services to provide frontline teams with seamless delivery systems and processes deriving from his wide experience in overall frontline business and risk management. He holds a Bachelor of Commerce degree from the University of Nairobi and has attended various local and international courses. He is a Board Member at Pan Africa Christian University.
Zachary Chianda, (58), Managing Director,
He was appointed Managing Director of the Co-operative Bank of South Sudan on June 23, 2014. A career banker with over 32 years’ experience in banking, he has worked in various senior positions in the Co-operative Bank of Kenya, including Director Co-operatives Banking and Director Corporate & Institutional Banking. He holds a Bachelor of Science degree in Financial Services from the University of Manchester Science and Technology (UMIST) and is an Associate of Chartered Institute of Bankers (ACIB) of the UK. He also holds a Diploma in General Management from Jutland Technology Institute Aarhus (Denmark) and a Certificate in Bank Management from Odense Business School (Denmark). He has served in other capacities in the bank in the past including as a trustee of the bank’s pension fund.
Maurice Matumo, (41), Director, Retail & Business Banking Division
He joined the bank in 2006. He is in charge of Retail and Business Banking Division of the bank, responsible for network and business growth with special focus on consumer and SME value creation. He is an experienced banker with 17 years’ experience in Kenya and abroad, with rich and extensive experience in business development, human capital management and strategic channel development. He holds a Bachelor of Arts degree in Business Management from Moi University and has attended various local and international courses.
Evelyne Munyoki, (44), Director, Human Resources Division
She drives the bank’s human resources and is responsible for the people agenda, with a primary focus on performance, talent and employee engagement. She is an experienced strategic HR partner to the bank’s business with over 19 years’ experience in HR, with six of those years in the banking and financial services sector. She is a proven professional in development and execution of human capital strategy, HR business partnering, talent management, design and implementation of employee engagement initiatives. She holds a Masters degree in International Business Administration (Finance Major) and a Bachelors of Arts in Land Economics. She is a Certified Professional Career Coach and a member of the Institute of Human Resources Management (K).
Anthony Mburu, (50), Director, Credit Management
A career banker with over 22 years of banking experience both in Kenya and the region. Most of these years were spent in the line of credit and risk management. He holds a Bachelors degree in Commerce and has attended various proprietary and international credit courses. He is also a Director of Kenya Co-operative Coffee Exporters (KCCE) Limited.
Patrick Nyaga, (48), Director, Finance & Strategy Division
Has over 22 years’ experience mainly in auditing and banking. Previously served at KPMG (EA), with the main focus being audit of financial institutions and especially banks in Kenya and the region. He then joined mainline banking where he has worked for over 13 years. He holds an MBA from Strathmore Business School, a Bachelor of Commerce degree in Accounting, is a Certified Public Accountant (K) and a member of ICPAK. He is also a Director of CIC General Insurance Limited.
William Ndumia, (42), Director, Transformation
He joined the bank in 2006. He is in charge of the transformation office, giving leadership to the various transformation initiatives and programs to achieve the bank’s growth and efficiency strategies. He has been in the bank for over 10 years previously as Director IT & Innovation, Director Operations and Head Business Change management. He is an experienced banking operations expert having previously worked for international banks in various technical, controls and compliance roles. He holds a Bachelor of Science degree in Mechanical Engineering and has attended various courses on project management and risk management both locally and internationally. He has overseen the execution of various technical projects, including the implementation of the core banking system, card management system and a global review of all bank processes among others.
Lydia Rono, (50), Director, Corporate & Institutional Banking Division
She has held many senior positions at the bank in her 29 years banking experience. She is responsible for crucial business growth in the Corporate & Institutional Banking division providing leadership in the various business units under her. She holds a Bachelors degree in Commerce and an MBA from University of Nairobi and has attended various courses.
Vincent Marangu, (36), Head, Co-operatives Banking Division
Joined the bank in 2003 and has wide experience in business and financial advisory working with co-operatives and rural finance sectors as Head of Co-op Consultancy and Insurance Agency Ltd. Vincent has key competencies in corporate finance, strategic planning, business planning, organizational development and business operations review. He has consulted for co-operatives in Kenya and the East Africa region, and implemented many donor projects with international agencies. He holds a Bachelor’s degree in Economics and Business Studies and is a graduate of the School of African Microfinance. He is a member of the Association of Professional Co-operators (APC), Kenya.
Robert Morris Aloo, (37), Treasurer
He joined the bank in 2013. He has over 10 years of experience in treasury management. He is responsible for the banks treasury management and growth objectives. Prior to joining the Co-operative Bank of Kenya, he worked as Head of Treasury in KCB Bank Uganda Ltd. He holds an MBA in Finance from USIU Africa and a Bachelors of Arts degree in Land Economics from the University of Nairobi. He is a Certified Public Accountant (K) and a member of ICPAK. He is also a member of The Financial Markets Association of Kenya (ACI Kenya).
Edgar Mwandawiro, (42), Chief Risk Officer
He joined the bank in January 2016. He has over 17 years banking experience mainly in risk management and banking operations. He previously worked for Commercial Bank of Africa for 10 years. Prior to joining the Co-op Bank, he worked at Gulf African Bank for seven years as the Head of Risk. He is a holder of a Masters degree in International Banking and Finance from Birmingham University, England, and Bachelor of Commerce degree from the University of Nairobi. He has attended various risk management training courses both locally and internationally.
Charles Washika, (39), Chief Information Officer
Joined the bank in 2015 and brings extensive experience in providing leadership in ICT, innovation, project management and change management of mission critical financial systems. He is responsible for the Co-operative Bank’s strategic technological direction, championing the use of information and communication technology to meet the bank’s strategic objectives, and providing strategic leadership to align investments in ICT with the bank’s strategy. He has managed the implementation of core banking systems around Africa and Asia, including in Uganda, South Africa, Côte d’Ivoire, Senegal, Zambia, Tanzania, Kenya, India and Sri Lanka. Holds a Bachelor of Education degree, and is currently pursuing a Master of Science degree in Computer Systems. He is a member of the Project Management Institute and has attained various technology certifications.
Patrick Ndonye, (37), Managing Director, Kingdom Securities Ltd (a subsidiary of the Co-operative Bank of Kenya Ltd)
Patrick joined Kingdom Securities as the Managing Director in June 2015. Prior to joining Kingdom Securities, he was the General Manager of UAP Financial Services Ltd (Uganda). He has over 10 years experience in the financial services industry in stock brokerage, fund management and advisory services. Patrick holds a Master of Business Administration degree from the United States International University and a Bachelor’s degree in Commerce (Finance) from The Catholic University of Eastern Africa. He is a Certified Public Accountant of Kenya (CPA (K)). Patrick has attended a number of courses in leadership and strategic management.
Employees
As at the close of 2015, the Co-op Bank had a staff establishment of 3,925 employees.
Highlights
2015: Co-op Bank wins Bank of the Year 2015 for Financial Inclusion in The Bankers Awards of the Financial Times of London, beating over 50 other entries from all over the world.
2014: Co-op Bank receives wide recognition by winning many awards including Best Commercial Bank 2014-Kenya by World Finance UK; Bank CEO of the Year – Africa, awarded to Dr Gideon Muriuki-Group, CEO Co-op Bank & Best Innovation in Retail Banking in Kenya by International Banker; Best Bank in Retail Banking & Best Bank in Micro-Finance in the 2014 East African Banking Awards.
2013: Co-op Bank is recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable energy and energy efficiency financing for SMEs and large enterprises, actively promoting “Green Financing” among clients and for being the bank with the largest pipeline of projects seeking green energy financing.
2010: The bank is recognised as Best Bank in Kenya in The Banker magazine awards of the Financial Times of London.
2009: The bank records a most phenomenal increase in customer accounts from just over 700,000 as at the close of 2008 to over 1.1 million at the close of 2009 driven by MD Liability Campaign launched by the CEO that requires staff to open a minimum of 5 accounts per month.
2007: The bank achieves a complete turnaround by recording a Kshs 2.3 billion profit before tax for year 2007, as compared to the Kshs 2.4 billion loss for year 2000. The bank also declares a dividend of 8%, which translates into Kshs 8.00 per share, the highest payout in many years.
2005: The bank successfully recapitalizes the balance sheet in the year with a major additional share capital injection of Kshs 1.1 billion from the co-operative movement-based shareholders of the bank. The shares drive doubles the bank’s capital base from Kshs 1.2 billion to Kshs 2.3 billion.
2003:
· The bank sustains its recovery and growth path to report an improved profit of Kshs 183 million, an impressive 78% improvement on Kshs 103 reported in 2002. The bank pays a dividend of 3%, a significant landmark that ends a dividend drought that had lasted the previous seven years.
· On February 28, the bank undertakes a key transition as Mr Stancley C. Muchiri, who previously served as Vice Chairman, is appointed Chairman of the Board to replace Mr Hosea Kiplagat.
· The bank re-occupies Co-operative Bank House after renovations occasioned by the 1998 bombing are completed.
· On March 1, the bank undergoes a major transition as Dr Gideon M. Muriuki, formerly General Manager – Corporate and Institutional Banking is appointed Managing Director to replace Mr Erastus K. Mureithi, who proceeds on retirement.
1998: The bank signs a contract with MoneyGram International in October 1998, and becomes the agent for the company’s international funds remittance business.
1994: The bank converts to become a fully-fledged commercial bank offering the complete range of financial services beyond the captive co-operative sector to include personal, corporate and institutional customers.
1977: The bank registers a finance company – the Co-operative Finance Limited – on December 16 to conduct the business of a financial institution for long-term financial requirements. It opens its doors on March 8, 1993.
1968:
· The first Board of Directors comprises Mr B Kathanga (Chairman), Hon C W Rubia, M P (Vice-Chairman), Mr J K Muthama, Mr A H Kamau, Mr M Gheewalla, Mr J J Musundi, Hon D N Kuguru, M P, Mr S Rintaugu and Mr S Mogire.
· The Co-operative Bank opens for business on January 10 with a modest capital base of Kshs 255,000. The government supplements the capital with a Kshs 214,000 interest-free loan repayable in 10 years. The Banking Act, however, requires banks to have a minimum capital of a ‘staggering’ Kshs 2 million. The government grants an exemption and offers a grace period within which the required capital is to be raised.
1966:
· The 1945 Ordinance is replaced with the Co-operative Societies Act. The main essence of the Act was increased oversight of the co-operative movement by the government.
· Sessional Paper No. 1 titled African Socialism and its Application to Planning in Kenya is unveiled. In this document, co-operatives are seen as a very important tool for development.
· As a result of initiative and advice of KNFC, a group of people from the Department of Co-operative Development visit Israel to study ways and means of establishing a viable co-operative bank. The same year, a joint paper by the Ministry of Finance and Marketing & Co-operatives Development recommending the establishment of the bank is issued.
· The co-operative movement witnesses a structural change with the formation of the Kenya National Federation of Co-operatives (KNFC) as an apex body to promote the interest of the co-operative movement as a whole.
1931: The first legislation to specifically govern the registration of co-operatives – Co-operative Societies Ordinance – is enacted. Kenya Co-operative Creameries (KCC) becomes the first co-operative to be registered on February 8. This is followed shortly by the Kenya Farmers Association (KFA) in 1931, the Kenya Planters Co-operative Union (KPCU) in 1937, and the Horticultural Co-operative Union (HCU) in 1951. However, the 1931 Ordinance did not allow Africans to participate in co-operatives.
Other Notes
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