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Cooperative Bank is targeting to expand its leasing business and diversify its income streams in the region as the lender inks a joint venture deal with South Africa’s leasing firm, Super Group.

Through its subsidiary Co-op Bank Fleet Africa Leasing, the lender is backing the joint venture to strengthen its competitiveness in leasing business which is gaining traction especially in the public sector.

In January this year, the lender through its subsidiary Co-op Bank Fleet Africa Leasing Limited concluded its first leasing deal worth Kshs 890 million.

The joint venture with South Africa’s leading leasing firm Super Group is now expected to support the lender in fulfilling its maiden transaction which is part of a larger Kshs 2.2 billion deal entailing the financing and delivery of a fleet of 125 vehicles to the Ministry of Interior.

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The vehicles included trucks, pickups and buses from motor vehicle dealer Isuzu East Africa Limited. The joint venture with Super Group is expected to help Co-op Bank Fleet Africa Leasing expand into and growing a modern Leasing business aiming at market leadership, securing long-term partnerships and offer sustainable growth.

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Group Managing Director Dr Gideon Muriuki says “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,”.

Leasing is widely being seen a most cost-effective model of acquiring business assets re-tooling, equipping and modernizing public institutions.

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