After receiving approval from shareholders, Family Bank has announced that it will be selling 800 million new shares through a rights issue.

As a result, the bank will issue 2,300,000,000 authorized ordinary shares, up from the current amount of 1,500,000,000.

In the medium term, the lender hopes to raise up to Ksh10 billion by combining a rights issue with a private placement to acquire new shareholders.

The lender stated in a statement that the money raised by the rights issues will be used to support future lending activities, drive investments in IT infrastructure and new product initiatives, enhance the bank’s capital basis, and support local and regional growth goals.

October 19, 2023, is when the rights issue opens, and it ends on November 30, 2023.