Home » Kenyan banker Gideon Muriuki gains $2.6 million from Co-op Bank stake

Kenyan banker Gideon Muriuki gains $2.6 million from Co-op Bank stake

Co-op Bank soars on Nairobi bourse, boosting Gideon Muriuki's stake above $13 million

by Feyisayo Ajayi
Gideon Muriuki

Gideon Muriuki, a renowned Kenyan banking magnate and the CEO of Co-operative Bank Group (Co-op Bank Group), has experienced a significant increase in the market value of his stake in the Nairobi-based financial services group in recent times.

According to data tracked by Billionaires.Africa Muriuki’s stake in the leading Kenyan lender has increased by Ksh352.41 million ($2.66 million), as investors bolster their holdings in the conglomerate following its strong financial performance. Co-op Bank reported a profit exceeding Ksh23 billion ($170 million) at the end of its 2023 fiscal year.

Co-op Bank’s shares surge by 25.2 percent, approaching $660 million market cap

Co-operative Bank Group (Co-op Bank), a major player in East Africa’s financial landscape, operates through several subsidiaries, including Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan.

Led by Gideon Muriuki, the group has embraced the cooperative model to reshape banking in the region. Through innovative financial solutions, it has significantly impacted social and economic development. By the end of 2023, its interest and non-interest income surpassed Ksh95 billion ($710 million), with total assets exceeding Ksh670 billion ($5 billion).

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.

Co-op Bank soars on Nairobi bourse, boosting Gideon Muriuki’s stake above $13 million

Shares of Co-op Bank have surged 25.2 percent on the Nairobi Securities Exchange (NSE) since January 29th, climbing from Ksh11.9 ($0.090) to Ksh14.9 ($0.112). This strong performance has pushed the lender’s market capitalization above $600 million.

This has translated into significant financial gains for shareholders, including Muriuki. His stake in Co-op Bank has increased by Ksh352.41 million ($2.66 million) in just under two months, rising from Ksh1.39 billion ($10.54 million) on January 29 to Ksh1.75 billion ($13.19 million).

Muriuki’s $2.6 million gain underscores the positive impact of his leadership at Co-op Bank. His commitment to growing the banking group has demonstrably delivered value for shareholders.

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