Bank seeks listing at the Nairobi Stock Exchange by October 31st.

Nairobi, August 5th, 2011: Family Bank shareholders have approved the public listing of the bank’s shares at the Nairobi Stock Exchange by end of October 2011, subject to approval by the market regulators i.e. the Central Bank of Kenya, the Capital Market Authority and the Nairobi Stock Exchange.

At the same time, shareholders approved the amendment to the Bank’s article of Association to accommodate the employee share option program, (ESOP).

Speaking to the media after the extra-ordinary general meeting held today, Family Bank Chief Executive Officer and Managing Director Peter Munyiri the approval sets stage to move the process forward and now gives the Kenyan public an opportunity to be part of the bank’s success.

“The approval by shareholders now paves way for us to fast-track the listing process. The next step for us will be to seek the approvals from Central bank, the Capital Market Authority and the Nairobi Stock Exchange and we are hopeful we will be able to do so in good time to enable us complete the process by October 31st,” said Mr. Munyiri.

He continued: “We have a robust expansion plan and we believe the listing will make it much easier for us to obtain funding from equity and debt market for the planned expansion programmes.”
He added the bank would put together an aggressive transformation programme aimed at moving it to tier one bracket.

“I believe time has come for Family Bank to embark on a roadmap to a big world class company that will be well respected due to the impact and transformation it will have on the lives of the stakeholders and communities with whom we will do business or where we will have a presence,” said Mr. Munyiri.

Mr. Munyiri continued: “As we move into the next phase of our growth we anticipate rapid expansion not just of our network but of the business as a whole. We will open more branches across the country as we seek to enhance our participation in all sectors of the market. We will defend and grow our small and Micro lending market segment which is a core line but will open up and capture more market share in the SME space. We will grow our affluent customer Franchise and also grow and extract more value from personal and consumer market segments and corporate and institutional banking segments. We anticipate our brand will be known for speed and excellent customer service.”
Mr. Munyiri also disclosed that the bank was putting together a regional expansion strategy with Pan African agenda.

“We are ambitious beyond our borders. We are bold enough to pursue regional expansion and the foundations for this have already been set. South Sudan is a key target for us and we’ll give first priority when our regional expansion programme begins,” he concludes.

Family bank is now home to over 1,000,000 customers and with a network of over 58 branches spread across the entire country making it the 5th largest bank in the country by customer base and branch network . To date the bank has an Asset Base of about Kes 22 Billion, deposits of about kes 17.5 Billion; a loan book of about kes 12 Billion and core capital of about Kes 3 Billion.