Credit Bank sets three year NSE listing target in bold recap plan

Credit Bank is moving into a new phase of its capital strategy as shareholders prepare to vote on an extensive recapitalisation plan that could set the institution on a path toward a Nairobi Securities Exchange listing within three years.

The proposals, to be tabled at an Extraordinary General Meeting on 19 December 2025, centre on a private placement of up to 45 million ordinary shares priced at Shillings 100 each. The placement seeks to raise as much as Sh 4.5bn to fortify the bank’s capital position and enhance readiness for the Central Bank of Kenya’s strengthened minimum core capital rules.

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Alongside the ordinary share issuance, the lender is seeking approval to create preference shares of up to Sh3bn. The terms will be negotiated by the board subject to regulatory consent. The new class of shares is intended to broaden the bank’s capital raising options and attract longer tenor funding without depending solely on equity dilution.

Shareholders will also vote on an asset for shares transaction involving Upper Hill land parcels valued at up toSh1.2bn shillings. In addition, the bank plans to issue a convertible note of $1.5m to ShoreCap Three LP, designed to qualify as supplementary capital with the option to convert under agreed pricing protections.

Taken together, the proposals signal a strategic shift from compliance focused recapitalisation toward a more ambitious growth platform. By combining equity, preference shares, asset reinforcement and structured supplementary capital, the bank aims to position itself for increased lending activity, digital investment and product development once the capital programme is executed.

The bank has indicated that a listing on the Nairobi Securities Exchange within three years forms part of the commitments tied to the recapitalisation. Such a move would expand its ownership base, enhance transparency and offer both retail and institutional investors access to its next phase of expansion.

In the immediate term, the 19 December vote will determine whether the bank can proceed under a clear and sequenced timetable. If the resolutions pass, Credit Bank will join a small group of lenders aligning capital strategy with strengthened governance and improved future market visibility, a combination that may resonate strongly with investors seeking regulatory clarity and long term growth potential in Kenya’s banking sector.