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Gideon Muriuki, a renowned banking magnate and the CEO of Co-operative Bank Group (Co-op Bank Group), has seen the market value of his stake in the Nairobi-based financial services group decline by millions of dollars in recent times.
According to data tracked by Billionaires.Africa, Muriuki’s stake in the leading Kenyan lender has declined by $7.34 million over the past 12 days as investors trimmed down their holdings in the financial services group, pushing its market capitalization further below $460 million.
Co-operative Bank Group 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 East Africa, leveraging innovative financial solutions to drive social and economic transformation across a broad range of operations.
Muriuki, who sits at the helm of Co-op Bank and ranks as one of Kenya’s leading investors, holds a significant stake of two percent in the leading financial services group. This translates to 117,471,300 ordinary shares in the Nairobi-based lender.
Since Sept. 29, exactly 12 days ago, Co-op Bank Group’s shares on the Nairobi Stock Exchange have slumped by 44.6 percent in recent times, declining from Ksh20.85 ($0.140) on Sept. 29 to Ksh11.55 ($0.0776) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Muriuki.
As a result of the double-digit percent slump in Co-op Bank Group’s share price, Muriuki’s stake in Co-op Bank Group has declined by Ksh1.09 billion ($7.34 million) in just 12 days, falling from R2.45 billion ($16.45 million) on Sept. 29 to R1.36 billion ($9.11 million) at the time of writing.
