"Diamond Trust Bank (DTB) plans to open new branches in other parts of Africa," the bank’s General Manager, Alkarim Jiwa told the media during yesterday’s cash call. The bank has its sights set on Mozambique, South Sudan, Madagascar, The Democratic Republic of Congo and Rwanda to add to its portfolio in four countries which are Kenya, Uganda, Tanzania and Burundi.

“The raising of additional capital through the rights issue is aimed at funding the bank’s plans to explore opportunities to further strengthen its current presence in East Africa, through its subsidiary banks, as well as explore investment opportunities in other markets in the region,” said DTB’s Chairman Abdul Samji. The bank intends to raise the money by offloading 24 million new ordinary shares priced at KES74.00 each. The rights issue will close on the 10^th of August 2012 at 4:00pm. DTB will announce the results on 3^rd September 2012.

Mr Samji welcomed investors to buy shares citing the 78% oversubscription of the company’s 2007 rights issue.