Kenyan banking magnate Gideon Muriuki’s stake in Co-operative Bank Group (Co-op Bank), a Nairobi-based financial services group, is now worth Ksh1.5 billion ($11 million), according to recent data tracked by Billionaires.Africa.
Co-op Bank is one of the largest financial institutions in East Africa. Its subsidiaries include Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan.
The leading financial services group has implemented the cooperative model to revolutionize the banking experience in the East African region, leveraging innovative financial solutions to drive social and economic transformation across a broad range of operations.
Muriuki, the CEO of Co-op Bank, is among the wealthiest investors on the Nairobi Securities Exchange, with a significant stake of two percent in the leading financial services group. This translates to 117,471,300 ordinary shares.
As of the time of writing this report, Co-op Bank’s share price was trading at Ksh12.7 ($0.0929), giving the banker a market capitalization of Ksh74.5 billion ($544.8 million). These figures confirm the bank’s position as one of the most valuable companies listed on the Nairobi Securities Exchange.
At the current market valuation, Muriuki’s two-percent stake in the leading financial services group is currently valued at Ksh1.5 billion ($11 million), solidifying his position as one of the wealthiest entrepreneurs in the country.
Notably, his stake in Co-op Bank Group has appreciated by 3.25 percent, or $343,800, since the beginning of the year, rising from Ksh1.44 billion ($10.57 million) on January 1 to Ksh1.49 billion ($11 million) at the time of writing this report.
Additionally, Muriuki also holds the largest individual stake in CIC Group, a Nairobi-based insurance and investment group, with a 5.27-percent stake, equivalent to 137,824,304 shares.