Sidian Bank’s shareholders have endorsed the raising of Sh1.5 billion as additional share capital through a rights issue.
The bank says the capital will be used to fund its growth plans which include; increasing its investment in trade finance business, growing its SME loan book, improving its core banking system, develop an internet banking platform and the opening a new branch in Westlands area in Nairobi.
“The business growth envisaged through this investment will lead to increased profitability driven by non-funded income from digital banking and trade finance. The increased capital will facilitate the exploration, innovation and creation of solutions for wealth formation for our customers,” Chege Thumbi, Sidian Bank Chief Executive stated during the announcement.
Centum Investment Company Limited which is the largest shareholder of Sidian Bank has invested Sh1.1 billion through a rights issue. Sidian Bank’s Chairman, Dr James Mworia highlighted the shareholders’ commitment to the bank which is part of the 8 main sectors they wish to scale, develop, and grow investment abilities as part of their long term strategy.
