Family Bank has received approval from Capital Markets Authority (CMA) to raise up to KSh8 billion through a multi-currency Medium Term Note.
The lender says the funds raised will help to strengthen its capital base to support lending to micro, small and medium-sized enterprises and invest in technology infrastructure.
The bank targets to raise KSh4 billion in its first tranche, with the balance to be raised within the next five years in various tranches or series.
“We are positioning the bank for the second phase of growth as per our 2020– 2024 strategy, anchored on growth and stability of the bank,” chief executive, Rebecca Mbithi said in a statement.
The lead transaction advisors are NCBA Investment Bank and Genghis Capital, PricewaterhouseCoopers (PwC) as the reporting accountants, MTC Trust and Corporate Services Limited as the Note Trustees, Mboya Wangong’u & Waiyaki Advocates as the legal advisors and Tim-Sky Media Services as the Media and Public Relations consultants.
This issuance comes after the Bank successfully redeemed its five and a half years (5 and ½ year) Medium Term Note worth Ksh 2.0188 billion on 19th April 2021.