Co-operative bank is increasing its participation in CIC Insurance

Co-operative Bank of Kenya has increased its participation by 2% at 21% in Co-operative Insurance Company (CIC). Co-operative Bank, the country's fourth bank, became the main shareholder of CIC. It will hold two positions on the board of directors. Agreements between the two companies have allowed CIC to benefit from the distribution network of the bank which counts eighty-six sales points in Kenya.
CIC is owned by more than 1350 cooperatives and over 2500 individual members configurated into cooperatives. Its capital amounts to 4.5 billion KES (58 million USD) and its turnover to 2.8 billion KES (36 million USD).