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Kenya's Co-op Bank Q1 up 29 pct, eyes South Sudan

Wed May 27, 2009 2:51am EDT

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NAIROBI, May 27 (Reuters) - Kenya's Co-operative Bank (COOP.NR) on Wednesday reported a 29 percent jump in pretax profit for the first quarter of 2009 to 1.04 billion shillings ($13.3 million).

Gideon Muriuki, chief executive of Kenya's fifth-largest bank by assets, said the bank will launch in South Sudan in the course of this year.

"We are negotiating with the government of South Sudan on a joint venture," he told reporters after an investor briefing.

"Possibly we will have a Co-operative Bank of South Sudan, 70 percent owned by Co-operative Bank, 30 percent owned by the government of South Sudan in trust for the co-operative movement." (Reporting by Duncan Miriri; Editing by David Holmes)



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