NAIROBI, Kenya, June 30 – Credit Bank PLC has today announced the official onboarding of Shorecap III, LP as part of its shareholding structure.
This follows the securing of the requisite regulatory approvals and shareholder nod where Shorecap III, LP completed the acquisition of a 20 percent stake (7,289,928 ordinary shares) in Credit Bank PLC (CBL) on June 15, 2023.
Speaking during the official onboarding ceremony, CBL Patron and majority shareholder Grace Nyachae said the new partnership is a great opportunity to leverage their synergies together to build a dynamic lender and project confidence in the market.
“We hope this strategic partnership will deliver the future of Credit Bank to even greater heights and deliver stronger results that will transform our shared future,” she said.
Credit Bank CEO Betty Korir said that the partnership will strengthen the capital ratios and at the same time improve the bank’s competitiveness in the market as it shall bolster the bank’s ability to serve its customers better.
On his part, Suleiman Kigundu the Chief Investment Officer at ShorecapIII, LP said that “Over the years we have come to appreciate that financial inclusion cannot just be about reach. People have to be empowered and included in the financial system in a meaningful way to succeed and very few institutions are really committed to this. So, when we were looking for a partner aligned to our goals, Credit Bank really ticked all the boxes,”
Credit Bank Board Chairman Mr Moses Mwendwa noted that Kenya’s banking sector was very
competitive and requires lenders to constantly innovate, adapt and expand to remain relevant in
the ever-changing market.
“We hope that through our partnership with Shorecap III, we will not only expand our financial
muscle to play a bigger role in the industry, but to leverage our synergies to offer our customers
optimal service based on a strategy of being digital-first, cost-efficient and product versatility to
meet the evolving needs of the market.” Mwendwa said.
He said that going forward Credit Bank would focus on accelerating the growth of its non-funded
business to deliver diversified growth while prudently growing its balance sheet with high-quality
loans that will deliver strong growth this year.
