Family Bank’s venture to raise Sh4 billion through a rights issue has startedwith the lender offering its shareholders an opportunity to buy more stocks at a discounted price of Sh22 per share.
The mid-sized lender will be offering four new shares for every 25 held to its existing shareholders in a bid to raise expansion capital. The rights issue kicked off last Tuesday and will close on June 27.
Family Bank Chairman Wilfred Kiboro on Friday urged the bank’s shareholders to take their full rights and participate in the offer for the bank, saying the lender continues to be a “home grown success”.
Family Bank CEO David Thuku said the capital raised is key to the lender’s plans as it eyes growth to attain top-tier status.
“Family Bank is a strong institution that continues to play a central role in this country’s development. We are here to stay.We will continue to expand our business to 100 branches by end of this year. We will be rolling out innovative yet relevant financial solutions while enhancing our procedures and systems. I urge shareholders to exercise their full rights as the bank is going places,” Mr Kiboro said.