Co-operative Bank of Kenya Plans 30 New Branches This Year

Co-operative Bank of Kenya Ltd., the east African nation’s fourth-biggest lender by market value, plans to open 30 new outlets this year, Managing Director Gideon Muriuki said.

The Kenyan lender, which has 2.5 million account holders, has already opened 12 outlets since the beginning of this year, bringing the total to 100, Muriuki told reporters today in the capital, Nairobi.

Co-op Bank, as the lender is known, will begin another four branches in neighboring South Sudan, where it has set aside 860 million shillings ($10 million) for a 70 percent stake in a joint venture with the nation’s government, Nairobi-based Business Daily said March 22.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net.

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