Coop Bank retains Sh698m to boost expansion

Cooperative Bank shareholders have approved the board’s capital retention strategy as it seeks more funding to finance regional expansion.

On Friday, the owners endorsed a proposal that will see the bank retain Sh698.47 million of its total earnings last year (2013). Also, during the bank’s sixth Annual General Meeting (AGM) in Nairobi, they agreed to take home additional shares in the ratio of one ordinary share for every six ordinary shares held in a bid to preserve capital and create room for the growth of the bank’s business. They also approved a dividend payment of 50 cents per share.