• Tue. Jun 18th, 2024

Kenyan Top Stories

Telling Kenyan Stories

Credit Bank’s NSE Listing Decision: Aims to Raise Sh1 Billion from Public

Byadmin

Aug 28, 2023
Credit Bank's NSE Listing Decision: Aims to Raise Sh1 Billion from Public

Credit Bank, a notable financial institution with over 37 years of banking excellence, officially unveiled its strategic decision to list its shares on the Nairobi Securities Exchange (NSE).

This move is aligned with the bank’s enduring vision of amplifying its market presence and inviting a broader spectrum of investors to partake in its continuing success.

Mrs. Grace Nyachae, the bank’s longest serving director remarked, “This pivotal step of listing on the NSE will usher in a fresh investment avenue for the public and deepen our engagement with the community and collaborators. Our commitment to core principles of integrity, accountability, and customer-centrism underscores this decision.”

Credit Bank’s imminent listing on the NSE is anticipated to present myriad benefits to the bank and its shareholders, from heightened visibility and enhanced liquidity to access to a wider investor demographic.

It further reinforces the bank’s dedication to upholding exemplary corporate governance and transparent financial conduct.

“Our forthcoming listing signifies more than just our growth trajectory; it emphasizes our unwavering commitment to operate with the pinnacle of transparency and integrity,” added Mrs. Nyachae.

This year, Credit Bank achieved regulatory approval to transfer a 20% stake to Mauritius-based private equity fund, Shorecap III, LP, emphasizing its growth and adaptability.

Preparations for the NSE listing have been thorough, involving multiple deliberations with regulatory authorities. “We’re elated to meet the standards for listing in the NSE’s main investment segment,” said Mrs. Nyachae.

This strategic endeavor aspires to elevate Credit Bank’s status from a tier 3 to a tier 2 bank, thereby solidifying long-term stability.

Mrs. Nyachae highlighted, “From Kshs 1.4 billion shareholder equity in 2015, we’ve surged to Kshs four billion this year. Post-listing, our objective is to mobilize an additional Kshs one billion.”

Mrs. Nyachae emphasized that this listing culmination is dual-purposed: to augment capital and to reward shareholders by optimizing share value. An impending employee share ownership programme is also on the horizon, intended to empower staff to be stakeholders in the bank’s prospective ascent.

In sum, Credit Bank’s strategic intent to list on the NSE symbolizes its unwavering commitment to enhanced transparency, increased inclusivity, and the sustainable growth blueprint.

Author

Leave a Reply

Your email address will not be published. Required fields are marked *