Co-operative Bank of Kenya has opened its branch in Kamulu, Machakos County.
The new branch based in Bretton Wood Square has been opened as the lender seeks to keep up with competition in cash-rich areas while also reaching out to underserved regions.
The branch is headed by; Director Retail and Business Banking William Ndumia, Head of Branch banking Peter Kirugu and Service desk officer Kamulu Anthony Maina.
The move continues 2018 trend when Co-op Bank’s branch network increased from 148 to 155 necessitating the recruitment of additional 182 employees.
Chief executive Gideon Muriuki said the branches are increasingly becoming service hubs to the network of Saccos who form the bedrock of the bank’s customers.
Bank agents also depend on branches for cash management services.
The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya.
Co-op bank reclaimed its position as the country’s third-largest lender by assets in the year ended December when it also declared the biggest dividend payout in the industry of Sh5.8 billion.
The lender closed the period with total Sh536.9 billion assets, placing it third after Equity Group’s Sh1 trillion and KCB Group (Sh987.8 billion).
Co-op Bank’s asset-gathering efforts was aided by its acquisition of a 90 per cent stake in Jamii Bora Bank in August last year for Sh1 billion, with the new subsidiary subsequently renamed to Kingdom Bank.
Co-op Bank gained an additional Sh30.6 billion worth of assets from the deal.
Co-op Bank managed to reclaim its spot despite being the only large bank to maintain dividend payouts over the past two years.
