McKinsey to review Co-operative Bank’s growth plan
Co-operative Bank of Kenya group managing director and CEO Gideon Muriuki during an interview at his office in Nairobi on September 2, 2014. Co-operative Bank has contracted global consultancy firm McKinsey to undertake its strategy review. PHOTO | DIANA NGILA | NATION MEDIA GROUP
Co-operative Bank has contracted global consultancy firm McKinsey to undertake its strategy review, adding to a growing list of Kenyan firms seeking the services of the firm.
McKinsey is expected to play a business advisory role over the next three months to help the bank launch its five-year strategic plan in 2015.
“The review will benchmark the bank with global best practices and give us the needed impetus for the next phase of growth,” said Managing Director Gideon Muriuki.
The five-year strategic plan (2015-2019) is hinged on regional expansion, where the bank has set aside Sh2.3 billion in capital to enter Uganda and Ethiopia through joint ventures by September 2015.
“Our regional expansion will be sustained in the days ahead with Rwanda in our sights. Others will come a little later,” he said.
National Bank, East African Breweries, Kenya Airways, Kenya Commercial Bank, Equity Bank and the Kenya Revenue Authority have also hired Mckinsey.
