Undetered by the fate of Safaricom's share price, Co-Operative Bank will launch its Initial Public Offering on Friday 17 October. The KES 10bn IPO follows a major restructuring and conversion from a co-operative. 77% of the company will be owned by its 3,805 societies. The balance of 23% will be held by individual members. 51,000individuals have now been allocated one share each. The bank serves the 7m-member co-operative movement in Kenya.
The bank recently announced a half-year profit of KES 1.7bn, moving