Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The equity agreement is aimed at strengthening financial support for SME sector in Kenya/CFM

Kenya

Chase Bank gets Sh1.6bn capital injection

The equity agreement is aimed at strengthening financial support for SME sector in Kenya/CFM

The equity agreement is aimed at strengthening financial support for SME sector in Kenya/CFM

NAIROBI, Kenya, Nov 15 – The German development finance institution DEG has invested Sh1.6billion in equity into Chase Bank Kenya.

The equity agreement between Chase Bank and DEG is aimed at strengthening financial support for SME sector in Kenya, and also realizing its growth and diversification strategies.

Confirming the investment during the signing ceremony, DEG’s Regional Director East Africa, Eric Kaleja said the additional equity injection will support the banks growth plans including a role out and presence in the counties.

The bank currently has 30 branches in major towns.

“Our move to invest in Chase Bank Kenya signifies our confidence in the growth prospects of the Bank not only in Kenya but also in other markets across the African continent,” Kaleja said.

In 2011 DEG issued a long-term debt facility to the bank to streamline its operations as well as realize its growth objectives.

Chase Bank CEO Duncan Kabui said the bank is committed to building its scalability and network so as to enhance financial inclusion and foster economic development in Kenya.

“The bank has made deliberate efforts to ensure that it engages partners whose interests are aligned to the bank’s vision. Some of the strategic investment partners include European investment bank (EIB) and Africa Agriculture and Trade Investment Fund (AATIF) that focuses on its agri-banking unit,” Kabui said.

DEG finances investments of private companies in developing and emerging economies.

To date, DEG has worked together with more than 1,700 companies and contributed to facilitating entrepreneurial investments with a total volume of more than Sh1.5trillion.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...