Coop Bank II (IFC-35393)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 30, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
THE CO-OPERATIVE BANK OF KENYA LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 105.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Oct 28, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project finances a loan to Co-operative Bank of Kenya Ltd to support its increased lending to small and medium-sized enterprises and co-operatives, including Women-owned Enterprises, and to promote affordable housing through the expansion of mortgage and construction finance.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Co-operative Bank of Kenya Ltd was established in 1965 as a co-operative society by agricultural marketing co-operative societies to provide access to affordable finance for players in the agricultural sector. Over the years, it has transformed to a leading universal bank in Kenya serving all market segments including co-operatives, corporates, Small and Medium Enterprises and micro-enterprises. In 2008, Co-operative Bank of Kenya Ltd became a public company and was listed on the Nairobi Securities Exchange. Today, it is the 2nd largest bank in Kenya by total assets and has network of 143 branches, over 8,700 agency banking sites and 567 ATMs. Co-operative Bank of Kenya Ltd has four subsidiaries, including a banking subsidiary in South Sudan, and one associate company. Its largest shareholder is Co-op Holdings Cooperative Society Limited, which holds a 64.56% stake in the bank on behalf of over 3,800 cooperative societies and unions who were shareholders of the bank prior to its listing on the Nairobi Securities Exchange. The balance of Co-operative Bank of Kenya Ltd's shareholding is held by an estimated 98,000 shareholders.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Co-operative Bank of Kenya Ltd (“Co-op Bank” or the “Bank”) was established in 1965 as a co-operative society by agricultural marketing co-operative societies to provide access to affordable finance for players in the agricultural sector. Over the years, the Bank has transformed to a leading universal bank in Kenya serving all market segments including co-operatives, corporates, Small and Medium Enterprises (“SMEs”) and micro-enterprises. In 2008, the Bank became a public company and was listed on the Nairobi Securities Exchange (“NSE”). Today, Co-op Bank is the 2nd largest bank in Kenya by total assets and has network of 143 branches, over 8,700 agency banking sites and 567 ATMs. The Bank has four subsidiaries, including a banking subsidiary in South Sudan, and one associate company.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Patrick Nyaga
Director of Finance & Strategy
Co-operative Bank House
Haile Selassie Avenue
P.O. Box 48231 - 00100 Nairobi, Kenya
Telephone: 3276000 Fax: 219831

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works