The National Bank of Kenya blames tight Government budget on delayed Rights Issue

The Government’s busy schedule and tight budget has been cited as the key reason for the delay of National Bank of Kenya’s (NBK) proposed Rights Issue.

According to the bank’s Chief Executive Munir Ahmed, the bank had applied for the Rights Issue from market regulators through which it sought to raise Sh13 billion from shareholders, but with the Government as the main shareholder and having other pressing commitments, the issue had to be delayed until when time is right.