(Ecofin Agency) - Kenya’s banking group, Co-operative Bank, the fourth-largest bank in the country by market share, has made an offer for an undisclosed amount to acquire the commercial bank Jamii Bora Bank. The bid is subject to approval from the country’s Central Bank.

The bidder says it is seeking to strengthen its market foothold. As a reminder, about a year ago Commercial Bank of Africa (CBA) also bid $137 million for Jamii Bora Bank but the transaction was not completed.

The strong competition in the Kenyan banking sector pushes banks and institutions to seek merger and acquisition opportunities both on the local and regional markets to strengthen their presence. The latest operation in the country was the acquisition of the National Bank of Kenya by Kenya Commercial Bank (KCB Group) in late 2019.

According to data published in September last year by Cytoon, Kenya has 40 commercial banks with about 82.9% of the adult population having access to formal financial services.

Chamberline Moko