Chase Bank raises Sh4.8 billion as bond draws strong demand

Kenyan mid-sized lender Chase Bank said on Wednesday it had raised 4.8 billion shillings ($49.43 million) in the first tranche of an oversubscribed bond offer.

The lender had sought to raise 3 billion shillings but after receiving a subscription rate of 161 percent, it exercised an option to take up an additional 1.8 billion shillings.

Last month, Chase detailed the plan to issue the seven-year multi-currency bond worth up to 10 billion shillings, to support its expansion plans and strengthen the capital base.