The Cooperative Bank of Kenya has seen phenomenal group under the tutelage of Dr Gideon Muriuki. He joined the financial institution in 1996 as a Senior Corporate Manager before ascending to the enviable role of Director, Corporate and institutional Banking in 1999. Under his watch, the bank has recorded tremendous growth over the years. A research conducted by Cytonn investment in 2017, ranked Cooperative Bank among the top 10 best financial institutions in sub-Saharan Africa. His Midas touch, coupled with over 28 years experience in the banking sector, has given the Managing director and CEO of the bank the right mix to propel the financial institution to prosperity.
Brief history and current state
The bank first opened its doors in 1965 as a cooperative society-a banking license was issued three years later. All cooperative societies in Kenya were directed by the Government to transfer their deposits to (and buy shares at) the Cooperative Bank. The bank morphed to a fully fledged commercial financial institution 1998. Coop Bank has the second highest number of account holders in Kenya and its total assets as of March 2015 was approximately US$3.345 billion (Kes309.6 billion based on the exchange rate then). The financial institution controlled 8.2 percent of all bank assets in the country as of May 2012.
His sterling performance at the helm saw Coop Bank scoop the London Financial Times “Best Bank of Kenya” award in 2010. The accolades don’t end there. He is a recipient of three presidential awards (among other awards) for his role in turning around Co-op Bank into a success story:
2005-Order of Grand Warrior (OGW)
2011-Moran of the Order of the Burning Spear-2011
2014-CEO of the Year Africa-voted by International Banker
2016-Lion of Judah Award by Evangelical Alliance of Kenya
2016-Mtumishi Bora Award-voted by Kenya Christian Professionals
2017-First Class Chief of the Order of the Burning Spear (CBS)
Other positions held by Dr Gideon Muriuki
|Co-operative Bank of Kenya Ltd
|CEO, Group Managing Director & Director||1996|
|Coop Trust Investment Services Ltd.||Managing Director||–|
|Co-operative Consultancy & Insurance Agency Ltd.||Managing Director||–|
|Kingdom Securities Ltd.||Director||–|
|Deposit Protection Fund||Director||–|
|Co-Operative Bank of South Sudan||Director||–|
|International Co-operative Banking Association||Vice President-Africa||–|
|Africa International University||Chairman-Governing Council|
The former Board chairman of African Rural and Agricultural Credit Association (AFRACA) is a wealthy man by all standards.
The Co-op Bank CEO is the top individual investor in CIC Group. He upped his shares this year by an additional 8.6 million shares. This pushed his shares at the insurer jump from 4.7 percent in 2016 to 5.04 percent in December 2017.
Salary of Dr Muriuki
His stellar performance at the apex of the bank deserves a good pay cheque. The banker reportedly earns kes 370,000,000 per month.
The breakdown looks something like this:
Annual Salary: kes370,000,000
The CEO pocketed kes 370 million in salary and bonus. His salary in the year ended 2017 was kes99.8 million an received Kes271 million in bonus.
Gideon Muriuki annual salary rose to kes105.4 million in the year ended December 2018. His bonus remained the same at Kes271 million bringing his total annual pay to Kes376.4 million.
Other interesting facts about Dr Gideon Muriuki
Holds a Bachelor of Science degree in Mathematics
Fellow of the Kenya Institute of Bankers
Awarded Honorary Doctorate on Business Management Next