National Bank of Kenya Limited. will raise as much as $119m in a rights offer to fund an expansion plan as it seeks to quadruple revenue by 2017, its Managing Director, Mr. Munir Sheikh Ahmed, said. The sale of shares to existing shareholders is expected to take place by the first quarter of 2014.
The funds will be used to open 10 new branches in Kenya and start operations in South Sudan, Uganda and Somalia, he said.
The strategic plan is to ensure the bank’s potential, described as a sleeping giant, is realised in the next five years. The bank is targeting revenue of 31 billion shillings by 2017, compared with eight billion shillings last year, he said.
National Bank was the only publicly traded lender in Kenya to report a drop in profit in 2012. Net income dropped by 53 per cent to 729.8 million shillings as earnings from interest on loans dipped by six per cent to 4.77 billion shillings.
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