Nairobi, July 14 -- Co-op Bank #ticker:COOP has reduced its indirect ownership in CIC Insurance to 24.8 percent after selling shares to a group of saccos for a total of Sh106.6 million.
The lender has been a long-term investor in CIC through the investment holding company Co-op Insurance Society Limited which has a 74.3 percent stake in the insurer.
Co-op Bank says in its latest annual report that its ownership in the holding company dropped to 33.41 percent in the year ended December 2019 compared to 35.71 percent a year earlier.
This resulted in the bank's effective ownership in the insurer also declining from the previous 26.5 percent to the current 24.8 percent that has a market value of Sh1.4 billion.
The lender says it received Sh...