Family Bank may soon list at the Nairobi Securities Exchange. The bank has been growing steadily for years now and at the company’s Annual General Meeting held on Thursday last week (31^st May 2012) at the KICC, shareholders approved a rights issue. The company wishes to raise KES 4.5 billion through a mix of debt and equity (the rights issue). The rights issue is intended to raise KES 1.5 billion through existing shareholders and the additional KES 3 billion would be raised through long-term debt, the money to be used to open 9 new branches and roll out 3,000 agents to increase its branch network to around 74 from the current 65.

The company will acquire the equity funds by selling 40 million new ordinary shares to the current shareholders. The company however maintains its plans to list on the Nairobi Securities Exchange by introduction. Speaking to the Nation at the sidelines at the AGM, company CEO Mr Peter Munyiri said “We have finalised all plans but postponed the listing until the market fundamentals are right.”