Kenya: Bank Gets Approval for Sh3.2 Billion Cash Plan

13 September 2012

The Standard Chartered Bank has received Capital Markets Authority approval to go on with the Rights Issue. The company plans to raise sh3.2 billion through the Nairobi Securities Exchange to finance its growth and also strengthen its capital position ahead of Central Bank regulatory changes requiring higher capital base for banks.

The bank's Managing Director, Richard Etemesi said in a statement, "We are delighted by the seal of approval by the CMA and the NSE. I would now call upon our shareholders to exercise their Rights as we enter this new and exciting phase of our growth plans," Etemesi added. The Rights Issue is planned to open on October 9.

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