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
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)