Kenyan lender confirms stock flotation

05/08/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenyan lender confirms stock flotation

Kenyan lender Family Bank Ltd has confirmed that shareholders have approved the listing of the company's stock on the nation's bourse.The announcement comes amid plans to expand in the region, Bloomberg has reported.Chief executive officer Peter Munyiri told reporters in Nairobi that the lender hopes to start trading its shares on the Nairobi Stock Exchange by October.He said that the listing "creates an avenue for us to tap into other sources of capital"."We have a robust expansion plan and we believe the listing will make it much easier for us to obtain funding," Mr Munyiri explained.Further to this, it has been confirmed that Family Bank plans to open a branch in South Sudan in 2012, while it is also conducting a feasibility study to expand into a second country.Last month, Kenya's Equity Bank recorded a 52 per cent increase in pre-tax profit for the first-half of this year.The profit has been driven by new distribution channels such as mobile phone banking, the bank said.