Co-operative Bank Expansion Plans To Uganda and Tanzania

(Last Updated On: May 29, 2014)

Coop

Co-operative Bank is the fourth largest bank in Kenya after KCB, Equity and Standard Chartered. It is planning to go into Uganda and Tanzania by partnering with local co-operative movements just like it did in Sudan. Kenya’s co-operative movement owns 64.56 percent of the bank which is around 3815 Kenyan Saccos.

In South Sudan, Co-op owns 51 percent of Co-operative Bank of South Sudan while 49 percent is owned by the country’s co-operative movement. The South Sudan subsidiary is expected to be profitable by June after recording a loss of sh267.3 million in its financial performance for the three months of operation to December 2013.

So far Kenya has 10 banks in Uganda.