KCB to raise capital for expansion

by Richard Kilner

Story link: KCB to raise capital for expansion

Yesterday the Kenya Commercial Bank formally approached the Capital Markets Authority (CMA) requesting permission to raise capital through the means of a rights issue.

The KCB is the largest home-grown bank in the region, and is embarking upon a strategy to broaden its infrastructure, and thereby reach a greater number of customers.

Martin Oduor-Otieno, KCB Group’s chief executive officer, told the press after the application had been made that the firm wished to bolster its capital base in order to support its continuing growth, and enable its plans to expand in the region.

Odour-Otieno went on to say that KCB intended to open an additional 30 branches throughout Kenya over the course of the year.

He went on to say that initial approval would be sought from the Nairobi Stock Exchange as well as the CMA, and that if it was granted by both bodies then the issue would be put to shareholders at the firm’s AGM on 9 May.