NIC Bank third rights issue oversubscribed

NAIROBI: NIC Bank has announced an oversubscription of its third rights issue which targeted to raise Sh2.1 billion to boost capital and grow its retail and small and medium Enterprises (SMEs) business. The cash call raised Sh4.6 billion, representing a subscription rate of 221 per cent.

NIC Bank Group Managing Director John Gachora said the money raised will be used to diversify the bank’s business portfolio as it looks to roll out its ambitious growth strategy in the New Year with a focus on SMEs, corporate and retail customers.