History OF COOP BANK
2013: Coop Bank is recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable energy and energy efficiency financing for SMEs and Large Enterprises, actively promoting “Green Financing” among clients and for being the bank with the largest pipeline of projects seeking green energy financing.
2011: For a second year in a row the bank wins Best Bank in Kenya award of the Financial Times of London. The bank also wins Best in Corporate Governance Award at the Annual Financial Reporting (FiRe) awards.
2010: The bank is recognised as Best Bank in Kenya in the Banker magazine awards of the Financial Times of London.
2009: The Bank is included by the Nairobi Stock Exchange as one of the stocks that constitute the 20 stocks used in the computation of the NSE 20-Share Index.
2009: The Bank undertakes the most rapid expansion of service outlets by opening an additional 22 branches within one year to close 2009 with 74 branches up from 52 as at the close of 2008. 2009: The Bank records a most phenomenal increase in customer accounts from just over 700,000 as at the close of 2008 to over 1.1 million at the close of 2009 driven by MD Liability Campaign launched by the CEO that requires staff to open a minimum of 5 accounts per month.
2008: The bank lists on the Nairobi Stock Exchange on December 22. The listing follows a public offer of 701.3 million shares at Kshs 9.50 which achieves an 81% subscription to raise Kshs 5.4 billion in additional capital on top of the existing Kshs 7.4 billion. This is made possible as the bank's special general meeting on 27th June approves conversion of the bank to a limited liability company from a co-operative society that it has been since inception in 1965. All previous shares held by the Co-operatives are ring-fenced under the Co-opholdings Co-operative Society Limited which becomes the strategic investor in the bank with a controlling 65% stake.
2007: The Bank realises complete turnaround by recording a Kes 2.3 billion profit before tax for year 2007, as compared to the Kes 2.4 billion loss for year 2000. The Bank also declares a dividend of 8% which translates to Kes 8.00 per share, the highest payout in many years.
2006: The Bank launches Sacco Link, a robust IT system that integrates the banking systems of Saccos with those of the Bank, to enable the members of Saccos get access to banking services from the service outlets of the Bank.
2005: Performance in 2005 maintains the growth trend as the Bank reports a Kes 714 million pre-tax profit, which is an impressive 102% improvement on year 2004. The Bank declares a dividend of 5%, maintaining a consistent enhancement in dividend payout in line with improved performance, from the 3% and 4% paid in 2003 and 2004, respectively.
2004: The Bank maintains a robust growth in profitability and reports a Kes 353 million pre-tax profit, representing a 95% surge on the Kes 183 million posted in 2003. With the good performance, the Bank Board of Directors recommends a divided payment of 4% for the year, up from 3% paid in 2003.
The Bank successfully recapitalizes the balance sheet in the year with a major additional share capital injection of Kes 1.1 Billion from the co-operative movement-based shareholders of the Bank. The shares drive literally doubles the bank's capital base from Kes 1.2 billion to Kes 2.3 billion.
The Bank leads the market by pioneering mobile banking in Kenya, by launching M-Banking, a banking service delivered via mobile phones. M-Banking enables customers to access their bank accounts and carry out various transactions that include getting bank balances, registering for salary alerts and loading airtime on cell phones, among others.
2003: The Bank sustains its recovery and growth path to report an improved profit of Kes 183 million, an impressive 78% improvement on Kes 103 reported in 2002. The Bank pays a dividend of 3%, a significant landmark that ends a dividend drought that had lasted the previous 7 years.
In October 2003, the Co-operative Bank House is officially re-opened by H.E. President Mwai Kibaki, after renovations occasioned by the 1998 bombing are completed.
On 28th February, the bank undertakes a key transition as Mr Stancley C. Muchiri, who previously served as Vice Chairman, is appointed Chairman of the Board to replace Mr Hosea Kiplagat.
2002: The Bank achieves a dramatic turnaround to report a profit of Kes 103 million, a significant improvement from the Kes 802 million loss reported in 2001.
The bank re-occupies Co-operative Bank House after renovations occasioned by the 1998 bombing are completed.
2001: The Bank records a rapid improvement in performance by reporting a significant 60% reduction on the year 2000 loss position of over Kes 2 billion by reporting a Kes 802 million loss for year 2001.
On 1st March, the bank undergoes a major transition as the Mr Gideon M. Muriuki, formerly General Manager – Corporate and Institutional Banking is appointed Managing Director to replace Mr Erastus K. Mureithi who proceeds on retirement.
2000: The Bank reports a significant reduction in performance by posting a Kes 2 billion loss for year 2000.

The bank interconnects all branches countrywide and becomes only the second bank in Kenya to offer fully centralised banking.
1998: The bank signs a contract with MoneyGram International in October 1998, and becomes the agent for the company's international funds remittance business.
On August 7th, the bank suffers a major setback from a terrorist bombing that completely guts the Bank's Head office, Co-operative House, necessitating a full re-location of the bank to alternative premises. Despite the bombing, suspected to have been targeted at the neighbouring Embassy of the United States, the Bank manages to realise a remarkable recovery and retains the confidence of customers and other stakeholders.
1994: The Bank converts to become a fully-fledged commercial bank offering the complete range of financial services beyond the captive Co-operative sector to include personal, corporate and institutional customers.
1989: Major Head Office restructuring is done, most notable of which is the creation of the position of Managing Director who becomes the Chief Executive.
1977: The Bank registers a finance company – the Co-operative Finance Limited – on 16th December 1977 to conduct the business of a financial institution for long-term financial requirements. It opens its doors on 8th March 1993.
1974: The Co-operative Department, which had operated under several ministries since the colonial period, is upgraded to full ministry status as Ministry of Co-operative Development, to further stimulate the growth of the movement.
1968: The first Board of Directors comprises Mr B Kathanga (Chairman), Hon C W Rubia, M P (Vice-Chairman), Mr J K Muthama, Mr A H Kamau, Mr M Gheewalla, Mr J J Musundi, Hon D N Kuguru, M P, Mr S Rintaugu and Mr S Mogire.
In this first year of business, the Bank posts a profit of Kes 172,000 from a capital base of Kes 634,000, deposits of Kes 5.3 million and total assets of Kes 5.7 million.
The Co-operative Bank opens for business on 10th January 1968 with a modest capital base of Kes 255,000. The Government supplements the capital with a Kes 214,000 interest-free loan repayable in 10 years. The Banking Act, however, requires banks to have a minimum capital of a 'staggering' Kes 2 million. The Government grants an exemption and offers a grace period within which the required capital is to be raised.
The Commissioner for Co-operative Development, with the support of KNFC, is obliged to direct that all co-operative society funds invested with other banks be transferred to the Co-operative Bank. The Commissioner further advises that all co-operatives should buy shares in the Bank. This tremendously increases the bank's deposit and capital base, laying a firm foundation for the bank.
1966: The 1945 Ordinance is replaced with the Co-operative Societies Act. The main essence of the Act was increased oversight of the co-operative movement by the government.
1965: Co-operative Bank of Kenya is registered as a co-operative society on the 19th June 1965. It does not however commence operations as it is not registered under the Banking Act. In this status, it cannot fulfil the main objective for its establishment, which is to mobilise financial resources and provide banking services to the co-operative movement. The Bank applies for a banking licence to operate under the Banking Act, which is granted later on in 1968.
Sessional Paper No. 1 titled African Socialism and its Application to Planning in Kenya is unveiled. In this document, co-operatives are seen as very important tools for development.
1964: Due to the need to bring about a more efficient and effective co-ordination of both internal and external assistance in addition to providing relevant financial services to the co-operative movement, the Government considered the idea of setting up of a co-operative bank. It is deemed necessary to conduct a survey to ensure the bank is set on sound footing.
As a result of initiative and advice of KNFC, a group of people from the Department of Co-operative Development visit Israel to study ways and means of establishing a viable co-operative bank. The same year, a joint paper by the Ministry of Finance and Marketing & Co-operatives Development recommending the establishment of the bank is issued.
Two Israeli experts also send their recommendations to the Government to that effect. The Government accepts the recommendations and makes arrangements to have established banks to support it. Consequently, an official from Standard Chartered Mr D G Landells is appointed General Manager to assist with the establishment of the Co-operative Bank of Kenya Limited.
The co-operative movement witnesses a structural change with the formation of the Kenya National Federation of Co-operatives (KNFC) as an apex body to promote the interest of the co-operative movement as a whole.
1945: The 1931 Ordinance is replaced with a new one that allows Africans to participate in and even form their own co-operatives.
1931: The first legislation to specifically govern the registration of co-operatives – Co-operative Societies Ordinance – is enacted. Kenya Co-operative Creameries (KCC) becomes the first co-operative to be registered on 8th February 1931. This is followed shortly by Kenya Farmers Association (KFA) IN 1931, the Kenya Planters Co-operative Union (KPCU) in 1937 and the Horticultural Co-operative Union (HCU) in 1951. However, the 1931 Ordinance did not allow Africans to participate in co-operatives.