Chase Bank Launches 10billion Bond

https://www.youtube.com/watch?v=HjV1kK6ompU

 Chase bank has launched 10billion medium term multi currency note programme to strengthen its capital base and support its strategic initiatives.

The bank intends to raise ksh 3 billion from the first tranche with a green  shoe option of 2billion that is an agreement that allows the bank as the issuer  to take up an additional 2billion if the initial 3billion is oversubscribed.

Speaking during the launch, Chase bank CEO Pual Njaga said” the issue will go a long way in maintaining the bank’s pace of growth. We are an ambitious bank that is keen on exceeding our stakeholder’s expectations and want investors to play a part in writing another chapter of our growth story.”

He also added that the proceeds from the issue will be used to strengthen the bank’s core capital, support lending to its key target segments SMEs,youth women and Agri business.

The CEO noted that, proceeds will also be used to finance expansion of the branch network, investment in IT and product development initiatives.

Chairman of the bank Mr Zafrullah Khan revealed that the bank which is celebrating 20 years existence has recorded impressive growth over the years.

“Our recently released quarter one 2015 results illustrate the sustained growth of the bank which is well on course for another year of record profitability. This proves that this is the right bank to invest in.”

Total assets of the bank grew by 36% to kshs 119.5bn in Quarter 1 2015 compared to a similar period in 2014 while profit after tax rose 47% to Kshs 634million over the same period.

ENDS