Family Bank to issue Ksh 10 billion bond

Family Bank to issue Ksh 10 billion bond

Kenya’s Family Bank has secured regulatory approval to raise up to 10 billion shillings ($95 million) through a multi-currency medium-term note, it said on Wednesday.

Family, which was ranked 16 out of 45 Kenyan lenders at the end of last year in terms of assets, said it will use the funds to boost its core capital and invest in new information technology systems.

The bond will be issued in tranches over the next five years with the first one expected at the end of this month or in October.

The lender appointed Faida Investment Bank and NIC Capital as lead advisers and placing agents.

Family, which started as a building society before developing into a commercial bank, said its assets now totalled 75 bln shillings.

($1 = 105.6 Kenyan shillings)