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Co-op Bank appoints a new chairman

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Co-operative Bank of Kenya has appointed John Murugu to serve as the Chairman of the Bank’s Board of Directors, with effect from next month.

He takes over from Stanley Muchiri who has held the position since 2002 and has attained retirement age. Murugu has been a director of the bank since 2015 prior to his appointment.

After 15 years serving as the chairman of Co-operative Bank of Kenya, Muchiri is exiting the bank’s boardroom in what chief executive officer Gideon Muriuki termed as the most celebrated exemplary leadership of the Bank during his tenure.

He was appointed chairman in 2002 prior to a loss of Ksh2.3 billion the bank posted two years earlier.

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During his term, the bank managed to list at the Nairobi Securities Exchange in 2008 and has grown its assets base to the current Ksh365 billion.

Murugu has been serving as an independent director of the board of Co-operative Bank of Kenya since May 2015. He brings 25 years experience from the financial sector having also served as Debt Management Director– at the Treasury, and Bank Supervision director at the Central Bank of Kenya.

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