Co-op Bank sponsors its customers to China for business exposure

Co-operative Bank, through its MSME offering, has taken customers to Shanghai and Yiwu in China for a business networking trip. The trip will enable customers to create linkages for overseas business and build partnership opportunities as well as purchase various items at a highly discounted costs which will enable them to pass the discounts to their customers making their products competitive.

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The customers, drawn from across the country, will tour China, specifically Shanghai and Yiwu. In Shanghai, they will visit one of the world’s busiest shopping streets, Nanjing and in Yiwu, they will visit Futian Market which is the biggest hub in China for all kinds of products. It is divided into 5 districts, each with various sections selling specific products. In this trip, the customers will get to meet suppliers of electric appliances, electronics, hardware tools & fittings, telcom equipment, vehicles and many others.

They will further visit markets for office supplies, sports equipment, stationery, cosmetics, beauty/salon equipment, fashion accessories, beddings, curtains, fabrics, auto & motorcycle accessories, hair ornament & jewellery, festival arts and decorative arts.

Speaking about the business trip, Coop Bank Head of Business Banking, Mr Moses Gitau said it will be instrumental to all the business customers who will travel as they will create linkages for overseas business and partnership opportunities.

“From our engagement with various business customers, we know that their business needs go beyond finance; they also need exposure and networking opportunities with business practitioners, in Kenya and beyond the border especially in successful countries like China,” he stated.

Later this year, in October, the bank will organize another business networking trip to Guangzhou for the 126th Canton Fair. This is the largest trade fair in China with the largest assortment of products, largest attendance and with the largest number of deals made at a fair. It is a unique experience where participants get to mix business with leisure. This trip is open for all business customers looking to travel to China for business.

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Co-operative Bank recently revamped its MSME offering and now has an arm in the bank which deals specifically with non-financial services for its MSME business banking customers. The bank retooled and refreshed the product offering to make it more responsive to the needs of MSMEs. They have made available a substantial kitty of Ksh. 15.2 billion for a package of loans that include an unsecured business loan, a first of its kind in Kenya, E-Credit through our MCo-op Cash App where businesses are able to borrow up to Ksh. 2 million via their mobile phone, packaged insurance cover which are handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans.

The loans will be supported by trade services that include Letters of Credit, guarantees, supply chain financing, among others. These services are available at all Cooperative Bank branches across the country. The vision for this revamped MSME offering from Coop Bank is to grow world class entrepreneurs beyond the Kenyan borders.