History

‚Äč2013: 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 undertakes the most rapid expansion of service outlets by opening an additional 22 branches within one year to close 2009 with 74 branches up from 52 as at the close of 2008.

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 realises 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 to Kshs 8.00 per share, the highest payout in many years.

2005: Performance in 2005 maintains the growth trend as the Bank reports a Kshs 714 million pre-tax profit, which is an impressive 102% improvement on year 2004. The Bank declares a dividend of 5%, maintaining a consistent enhancement in dividend payout in line with improved performance, from the 3% and 4% paid in 2003 and 2004, respectively.

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 literally 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 7 years.

On 28th February, 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 1st March, the bank undergoes a major transition as the Mr 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 16th December 1977 to conduct the business of a financial institution for long-term financial requirements. It opens its doors on 8th March 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 10th January 1968 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 very important tools 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 8th February 1931. This is followed shortly by 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.