Co-op Bank and Super Group deepen leasing partnership

June 24, 2019 at 11:56
Co-op Bank and Super Group deepen leasing partnership

The Co-operative Bank of Kenya together with leading leasing company Super Group of South Africa have reiterated their commitment to deepen the partnership in the local leasing business, through the joint venture firm owned by the two institutions named Co-op Bank Fleet Africa Leasing Limited.

(L-R) The Chairman, Co-operative Bank John Murugu, Fleet Global Chief Operating Officer Super Group, Philip Smith and Group Managing Director and CEO Co-operative Bank Dr. Gideon Muriuki sign-off the joint venture strategic partnership arrangement in leasing business, witnessed by Company Secretary Co-operative Bank Samuel Kibugi (standing).

(L-R) The Chairman, Co-operative Bank John Murugu, Fleet Global Chief Operating Officer Super Group, Philip Smith and Group Managing Director and CEO Co-operative Bank Dr. Gideon Muriuki sign-off the joint venture strategic partnership arrangement in leasing business, witnessed by Company Secretary Co-operative Bank Samuel Kibugi (standing).

The strategic partnership between Co-op Bank and Super Group is intended at penetrating and growing a modern leasing business aiming at market leadership, securing long-term partnerships and joint ventures to sustainably support growth, building on world-class competencies in the supply chain, fleet management, and dealerships, and providing customers with innovative leasing solutions.

   
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Co-op Bank Fleet Africa Leasing Limited, known in short as ‘’Co-op Bank Fleet’’ has within a short time since its establishment moved to stamp its presence in the leasing space, is a joint venture of two major players who bring to the table complementary capabilities in leasing.

Super Group of South Africa delivers its proven expertise in customer screening, product structuring, and risk management as Co-op Bank makes available it’s excellent client base to whom leasing is critical such as SMEs, Co-operatives and the Public Sector.

A truck branded with Supergroup logo

A truck branded with Supergroup logo

“Co-op Bank Fleet’’ already got off to a roaring start by concluding its first leasing deal worth over Ksh890 million in January of this year. This maiden transaction, which is part of a larger Ksh2.2 billion deal, entails the financing and delivery of a fleet of 125 vehicles to the Ministry of Interior.

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The Co-operative Bank was the financier, with Co-op Bank Fleet arranging the leasing in collaboration with motor vehicle dealers Isuzu East Africa Limited who are to deliver the fleet made up of trucks, pickups, and buses.

“Super Group Limited is an established global leader in leasing business operating in three continents and is listed on the Johannesburg and Sydney stock exchanges. This partnership between Co-op Bank and Super Group continues to deliver mutual benefits as it taps the synergies created by the joint venture,” said Co-operative Bank Group Managing Director and CEO Dr. Gideon Muriuki.

Co-op Bank CEO Gideon Muriuki

Co-op Bank CEO Gideon Muriuki

“Co-op Bank Fleet enables the bank to better support customers to acquire the assets, technologies, and equipment they require at the same time enable the bank to diversify its income streams,” added Dr. Muriuki adding that Co-op Bank Fleet enables the bank to better support customers to acquire the assets, technologies, and equipment they require at the same time enable the bank to diversify its income streams.


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