Prime Bank raises Sh1b for expansion

February 1, 2016
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The proceeds will be primarily used for expansion of the loan book to Small and Medium Enterprises (SMEs) in Kenya.
The proceeds will be primarily used for expansion of the loan book to Small and Medium Enterprises (SMEs) in Kenya.

, NAIROBI, Kenya, Feb 1- Prime Bank has raised Sh1bilion (USD10 million) issued through a private bond of 5.5 years.

According to Prime Bank Managing Director Bharat Jani, the bond which is US dollar denominated was subscribed by 100 percent.

The proceeds will be primarily used for expansion of the loan book to Small and Medium Enterprises (SMEs) in Kenya.

“Prime Bank plans to use the funds to support its future expansion plans,” Jani said.

Burbidge Capital acted as the arranger and placing agent and Coulson Harney as the legal advisors.

Prime Bank is focused on providing financial services to a diverse clientele that includes personal and business consumers as well as corporate clients, specializing in loans to small businesses and Commercial and Industrial (C&I) loans.

Prime Bank currently has 18 branches spread across Kenya and has become a leading provider of financial services that enable customers to grow, maintain strength, and reach unprecedented levels of success.

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