× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Co-op CEO feted for dividend payment, retaining workers

By Dominic Omondi | October 27th 2021

Coop Bank Managing Director Gideon Muriuki

Co-operative Bank of Kenya Chief Executive Gideon Muriuki has been feted for paying dividends and retaining workers despite the adverse effects of the Covid-19 pandemic.

Mr Muriuki was named Best Bank CEO in Africa at this year’s African Banking Awards for his efforts including, turning around Co-operative Bank from a loss-making lender into a profitable one.

The awards are organised by EMEA Finance. They recognise corporate leaders and financial institutions who through sound leadership continue to increase profitability, deliver affordable credit to the retail and wholesale markets as well as support local and transnational entities to do business.

Co-op Bank was among the few lenders that paid out dividends when there was a freeze in dividend payout in the financial industry.

This year’s awards had a unique perspective in light of the pandemic. The Co-op Bank Group chief executive was recognised for implementing key strategies to address challenges facing both businesses and households.

Mr Muriuki was recognised for the decision to sustain the payment of dividends to shareholders despite Covid-19, which offered critical relief and support to the over 15 million-member Cooperative movement.

In addition, the award recognised the decision of Muriuki not to retrench staff and instead, retaining them at the height of the pandemic.

The awards also recognised the successful acquisition and stabilisation of Jamii Bora Bank (now Kingdom Bank) as it offered much-needed stability to the local financial sector.

The EMEA Awards also awarded the Best Bank in Kenya Award to the Co-operative Bank, and the Best Asset Manager award to Co-opTrust Investment Services Ltd, a subsidiary of Co-operative Bank.

Share this story
Challenges faced when getting started as an entrepreneur
It’s challenging in entrepreneurship and business is not for the faint-hearted. We look at a few of the challenges.
Troubled Nakumatt sued by its lawyer over Sh126 million legal fee
The firm's lawyer, Daniel Ngonze, has filed several suits against Nakumatt, which was declared insolvent in 2017, to recover his legal fees.