From left- Former K-Rep Bank MD Albert Ruturi, the current MD Titus Karanja and the board chairman James Mworia during a cocktail party to bid Mr Ruturi farewell after five year term at the helm of the Bank on July 16, 2015 at PanAfric Hotel in Nairobi. PHOTO | SALATOM NJAU
What you need to know:
The capital injection came from the proceeds of its Sh6 billion bond issued in 2015 part of which was invested in real estate and power projects in Kenya and Uganda.
“The additional capital will play a significant role in the revitalization of the channel offering through mobile, internet and agency banking, refurbishment and expansion of the branch network and upgrade of the core banking system,” Mr Mworia said.
Centum Investments has injected Sh1.2 billion in K-Rep Bank, as part of the lender’s ongoing rights issue.
Centum in a statement issued today said chief executive James Mworia presented the cheque to the K-Rep Bank CEO Titus Karanja on Monday.
Centum increased its shareholding in K-Rep Bank to 67.54 per cent in November 2014 through a buyout of other shareholders.
The capital injection came from the proceeds of its Sh6 billion bond issued in 2015, part of which will be invested in real estate and power projects in Kenya and Uganda.
“The additional capital will play a significant role in the revitalisation of the channel offering through mobile, internet and agency banking, refurbishment and expansion of the branch network and upgrade of the core banking system,” Mr Mworia said.
K-Rep mainly lends to small and medium enterprises (SMEs) and expects to benefit from the capital injection, which increases its ability to give loans to the fast-growing sector.
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