Kenya's largest bank KCB plans to raise funds to grow even larger

Joshua Oigara, CEO, KCB

Kenya Commercial Bank Ltd., the country’s largest lender by market value, will raise capital over the next three years to expand in the region, Chief Executive Officer Joshua Oigara said.

The bank, based in Nairobi, will come to market as part of its plan to increase core capital to 140 billion shillings ($1.4 billion), Oigara said in an interview Thursday in the city. The company has set aside $250 million to start operations in new countries including the Democratic Republic of Congo, Mozambique and Ethiopia, he said.

“We are increasing core capital because we want to take on bigger projects,” Oigara said. “We are looking to expand into one country this year.”

Read more: Kenya Commercial Bank to Raise Money for Expansion, Projects – Bloomberg Business