K-Rep Bank Receives Capital Investment of KSh 1.2 Billion from Centum

K-rep Bank has received a capital investment of Ksh. 1.2 billion from its major shareholder Centum Investments, following Centum’s successful Ksh. 6 billion bond in June 2015.

In July, 2015 K-rep Bank received shareholder approval for a Rights Issue of up to Ksh. 1.6 billion in July 2015.

Speaking during the cheque presentation at K-rep Centre, this morning, Mr. James Mworia, Centum Group C.E.O. said that “The additional income will play a significant role in enhancing customer experience through the revitalization of the channel offering through mobile, internet and agency banking, refurbishment of the brand network and upgrade of the core banking system. Over the next five years, we intend to propel K-rep Bank into a tier two bank”.

Mr. Titus Karanja, K-rep Bank C.E.O. added that “Following this capital injection, our core capital has now improved from Ksh 2.6 billion to Ksh. 3.8 billion and is set to close at Ksh 4.1 billion at the conclusion of the rights issue. At a core capital of Ksh 3.8 billion, K-Rep Bank has capital adequacy ratios well in excess of the statutory minimum levels. Our other shareholders, including the K-Rep Group have expressed their commitment to participate in the rights issue to the full extent of their entitlement”.