CBA bank today announced plans to issue a Medium Term Note to raise Ksh8 billion with an option of taking an additional Sh2 billion in case of an over subscription. The Medium Term Note will be listed on the Fixed Income Securities Market Segment of the Nairobi Securities Exchange Limited and will therefore be open to the public.
The Bank has received approval from the Capital Markets Authority to issue the instrument. “CBA has enjoyed robust growth through technological innovation, regional expansion and customer acquisition over the past five years. Our aim in raising this capital is to further this development and venture into new Eastern African markets,” CBA Group Managing Director, Isaac Awuondo told journalists at a media briefing.
The issues follows the success the bank garnered after the launch of its revolutionary savings service, M-Shwari, in partnership with Safaricom. This has catapulted CBA to become Kenya’s second largest bank by number of account holders.
“Investing in CBA is a profitable venture for every institution and individual that seeks to be part of our great vision. Being a Kenyan owned bank, we aim to source capital from local investors only in our commitment enhance the wealth and fulfillment of the lives of our customers and wider community” continued Mr Awuondo.
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