There has emerged some tension between two financial institutions over the use of a name.
Kingdom Sacco Society has accused the Cooperative Bank of confusing its clients after the bank picked the name “Kingdom” for rebranding the newly acquired Jamii Bora Bank which has now been renamed “Kingdom Bank Limited”.
According to sources at Kingdom Sacco the move by Co-op bank has caused their new and potential clients to troop to the renamed bank and some have ended up annoyed.
“The two names are causing a big confusion. We are both financial institutions but it surprises why would such a reputable bank pick our name? this will trigger chaos” a source told Gikuyu Bulletin.
It is not clear how Co-op management settled on the already existing name which is named after a competitor.
The church-based organisation claims to have lost customers to Co-op’s subsidiary bank in unfair manner which they say should be condemned.
The bank led by CEO Gideon Muriuki has been mum on the issue as well the mainstream media which has turned blind eye to the matter.
Cooperative Bank acquired 90 percent stake in Jamii Bora Bank then in August renamed it Kingdom Bank Limited and unveiled Anthony Mburu as its new CEO as they injected Sh1 billion.
Kingdom Sacco was established two decades ago by the Life Reformation Church whereas the Kingdom Bank is barely five months old.
It was started in 1999 as a society and in January 2000 registered as a Sacco under the Co-operative Societies Act.
It has offices at Empower House, Githurai 45, Commercial Stores Building in Naivasha, Dubai Shopping Complex in Nakuru and at TSS Towers in Mombasa.
“Management of Cooperative bank should be responsible and ought to drop our name and apologise. Our customers keep asking if we are the same entity. Should Kingdom Bank have a scandal our image would be dented” the source bemoaned.