Kenya’s Consolidated Bank, the state-owned bank, on Monday stated that it was seeking a new investor to stake 3.5 billion Kenyan shillings (about $34.21 million) as part of its ongoing balance sheet re-organisation targeted at boosting its assets base and leveraging its financial services.
A statement issued by the bank and published in some newspapers indicated that interested investors had up to January 9, 2019 to send in their pre-qualification documents as a first step in the proposed capitalisation process.
The state-owned bank had late last month confirmed that it had given its directors permission to allot up to 3.5 billion Kenyan shillings in new preference shares to an unidentified investor, adding that the re-organisation of its balance sheet was a prelude to a privatisation programme to be announced at a later date.
Currently, the National Treasury owns 85.8 percent of the bank’s shares while other government agencies owned the balance of the equity of $1 dollar at the exchange rate of 102.3000 Kenyan shillings.
Overall, the bank which has 17 branches, has an assets base of over 12.5 billion shillings.
