[2008-07-18]  KCB to give clients and investors tips on finance
KCB has launched a Western Kenya Business Club which is intended to enlighten investors and customers on financial matters.

The bank’s head of small and medium enterprises Mr Wilfred Musau said the club dubbed: “Biashara Club” would enable bank customers to share experiences and enjoy business related advisory services.

“Club members will be advised by experts in business and finance management through seminars and workshops,” said Mr Musau.

Membership comes with external trade facilitation, preferential interest rates and exposure to global best practice through business trips abroad. For the bank, the club provides a ready base to tap for its products. KCB intends to open 50 branches across East Africa by the end of the year.

Mr Thomas Kiai, the bank’s head of strategy and planning, said it will open 35 branches in Kenya and five each in Tanzania, Uganda and the Sudan.
The executives were speaking in Kisumu where they hosted investors and business people.

“We also intend to have some small branches in the country which will be purely sales outlets where our customers will get information about the bank and can be directed to other KCB branches,” he said.

The expansion will be funded through a rights issue that closes today. The bank has offered 221.7 million shares at Sh25 each to existing shareholders in the hope of raising Sh5.5 billion.

The Government is not taking up its allocated shares, paving way for other local and foreign investors to increase their interest in the bank. The shares were being offered at a rate of one share for every nine held, meaning the state’s shareholding will drop from 26 per cent to 23 per cent.



Source: BDAFRICA