Gideon Muriuki, the CEO of Co-operative Bank of Kenya, has increased his shareholding in the lender with the acquisition of 12 million additional shares valued at KSh202.8 million. Regulatory filings for May 2025 show that the transaction raised Gideon Muriuki stake in co-op bank from 2% to 2.19%, translating to 129.53 million shares. This purchase consolidates his position as the largest individual shareholder of Co-op Bank, which is listed on the Nairobi Securities Exchange.
The purchase was executed at an average share price of approximately KSh17 and marks the first time Gideon Muriuki increases stake in two years. His last major acquisition was in early 2023 when he bought 14.6 million shares worth KSh173 million, which restored his stake to 2%. Over the years, Muriuki has demonstrated a pattern of timing his shareholding adjustments based on market conditions. In 2019, he acquired 11.1 million shares worth KSh179 million when the share price dropped to KSh11.5. Conversely, in 2020, he sold 14.7 million shares valued at KSh160 million to reduce his holding to 1.75% during a stock price rally.
The co-op bank shareholders register is led by Co-op Holdings Co-operative Society Limited, which holds 64.56% of the shares. Other major shareholders include Standard Chartered Nominees, NIC Custodial Services, and more than 116,000 individual co-operative bank shareholders, who together own 35% of the bank. With the latest purchase, Gideon Muriuki stake in coop bank is the highest among individual investors.
Co-operative Bank of Kenya has maintained steady growth, posting a net profit of KSh6.93 billion in the first quarter of 2025, a 5.3% increase compared to a similar period in 2024. This growth was driven by a 21.7% rise in net interest income and a 12.8% uptick in total operating income. The bank’s asset base grew by 8.3% to KSh774.1 billion, while loans and advances expanded to KSh384.5 billion.
The bank has also been active in expansion and acquisition moves. In 2020, Co-op Bank acquired a 90% stake in Kingdom Bank, formerly Jamii Bora Bank, for KSh1 billion, bringing in an additional 444,000 customer accounts. It has also supported Kenya’s financial inclusion goals, notably through its involvement in the government’s KSh50 billion Hustler Fund in 2022, aimed at providing affordable credit to small businesses.
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Gideon Muriuki, who has led the Co-operative Bank of Kenya since 2001, is Kenya’s highest-paid chief executive. His total remuneration stands at KSh455.5 million annually, which breaks down to a daily pay of approximately KSh1.25 million. This package includes KSh301.14 million in post-employment benefits and bonuses, alongside KSh154.39 million in short-term employee benefits.
Muriuki’s tenure at the Co-op Bank began in 1996 when he joined as a Senior Corporate Manager. His leadership transformed the bank from a loss-making entity, and under his stewardship, the bank reported its first net profit of KSh164.7 million in 2002. The lender has since grown its presence across retail, corporate banking, and its traditional cooperative sector.
The CEO of Co-op Bank of Kenya has been recognized for his contributions with various national honors, including the Order of the Grand Warrior (OGW) in 2005, the Moran of the Order of the Burning Spear (MBS) in 2011, and the Chief of the Order of the Burning Spear (CBS) in 2017.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.