Co-operative Bank of Kenya has opened its branch in Kamulu, Machakos County.
The bank serves the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Kenya.
Cooperative Bank is a large financial services institution. Its total assets were valued at US$3.9 billion (KES:404.15 billion).
At 31 December 2013, its shareholders’ equity was valued at approximately US$425 million (KES:36.8 billion).
As of May 2012, the bank controlled about 8.2% of all bank assets in Kenya.
The bank was established in 1966, initially as a cooperative society.
The banking license was granted in 1968. The Kenya Government directed all cooperative societies in the country to transfer their deposits to the Cooperative Bank of Kenya and that all cooperatives buy the bank’s shares.
In 1977, the bank opened its first subsidiary: Cooperative Finance Limited. In 1989, the bank converted to a fully fledged commercial bank and increased its products menu.
In 1998 the bank’s headquarters were relocated following destruction of the original premises by the bombing targeting the nearby Embassy of the United States of America.
That same year, the bank became an agent of the money-transfer service company MoneyGram. In 2002, the bank’s headquarters returned to Cooperative Bank House following renovations.