NAIROBI Aug 12 Kenya's NIC Bank said on Tuesday it had received regulatory approval to issue 8 billion shillings ($91.06 million) worth of bonds to fund its expansion plans.
The lender, which also operates in neighbouring markets such as Tanzania, wants to use the funds to increase its capital base in order to boost personal and business loans.
"We expect to be in the market with the first tranche this month," John Gachora, NIC's chief executive, said in a statement, adding the notes will be issued over five years.
NIC Capital Limited, a subsidiary of NIC Bank, will act as the lead arranger for the issue. NIC also plans a cash call to raise an additional 2 billion shillings. (1 US dollar = 87.8500 Kenyan shilling) (Reporting by Duncan Miriri, editing by David Evans)