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Kenyan bank expands to Southern Sudan
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May 12, 2010 - 8:34:36 AM

Kenyan bank expands to Southern Sudan

Written By:Kamau Mbote   , Posted: Wed, May 12, 2010

Co-operative Bank of Kenya will soon be expanding to Juba in a joint venture with the Southern Sudan government.

Group manager Gideon Muriuki says the bank will be a strategic shareholder in the venture investing a 70% stake while the Southern Sudan government will control 30%.

Southern Sudan continues to attract Kenyan businesses due to the numerous opportunities for investment especially in the services and commercial sector.

Co-operative Bank of Kenya is the latest Kenyan company seeking to expand to the region with Muriuki saying the move is motivated by the determination to grow revenues and increase the bank's customer base.

This is however just one among other avenues that the bank is engaging in to increase its profit.

The bank has also ventured into the securities market with its Kingdom Securities program already operational with over 124 institutional agents registered.

The bank is also dabbing in real estate with its Good Homes Mortgage product up and running as well as being a major shareholder in the new Kenya co-operative coffee exporters company.

Muriuki notes that the bank has already started reaping the benefits of engaging in new businesses with an increased customer base as well as increased profits.

In Q1 the bank made 1.3 billion shillings in profits before tax, a 260 million shillings increase compared to the same period last year.

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