Co-op Bank cuts lending rate as pressure mounts on rivals to follow

Co-op Bank MD Gideon Muriuki.

Co-operative Bank of Kenya (Co-op Bank) has emerged as the first major lender to reduce its lending rate following last week's reduction of the benchmark Central Bank Rate (CBR).

In a public notice issued Monday, the bank announced a substantial two per cent cut in its base lending rate from 16.5 per cent to 14.5 per cent per annum, effective immediately.