National Bank of Kenya has received an injection of Ksh 2.9 billion in additional capital from its largest shareholder National Social Security Fund (NSSF) to help in boosting the bank’s thinning capital base.
This comes after the bank’s shareholders unanimously approved the issuance of bonus shares at the bank’s 48th annual general meeting held on May 19th 2017.
The issuance of the bonus shares was aimed at shoring up the bank’s capital base by enabling the bank to raise Ksh 153.99 million in reserves which will be capitalized. The Additional 30.79 million shares will be issued at a price of Sh5, bringing the total fully paid-up share capital at National Bank to 338.79 million ordinary shares.”
National Bank Managing Director & CEO, Mr. Wilfred Musau said, “Our key target for this year is growth of new business and increased return to stakeholders. The bank requires additional capital to support this growth and we thank you shareholders for your continued support towards achieving this goal.”