18th February 2015
Listed lender NIC Bank has officially opened its newest branch in Machakos County today as part of its ambitious plan to reach more retail customers and grow its SME business.
NIC Bank has an aggressive growth strategy which focuses on SME, Corporate and Retail customers. To reach these customers the bank will be opening a number of branches in 2015 with Machakos being the first one. The new branch will bring the total number of NIC Bank branches in Kenya to 25.
“As a County we are looking at more investments such as this one with NIC as part of growing our county. We have rolled out a number of initiatives to attract the private sector to partner with us to further grow our county,” said Ms Elizabeth Nzyoka Machakos County Executive in charge of Finance and Revenue Collection.
She officiated the opening of the new branch along Mbolu Malu Road. The branch will offer all the Bank services including Bancassurance, Asset Finance, Retail and SME banking and Stockbroking.
“We have a strategy to increase our footprint across the country and this is the first of many branches in the pipeline for NIC Bank. We want to reach out to our customers and potential customers in the counties,” said NIC Bank Chairman James Ndegwa.
In addition to the existing branches NIC has a partnership with Post Bank which has a wide network of almost 100 branches in Kenya.
In August 2014, the bank’s shareholders approved the lender to raise additional capital via a mix of debt and equity. In September, NIC listed and started trading its Ksh5.5 billion bond on the Nairobi Securities Exchange (NSE).
Last year, the bank also raised Ksh 2.1 billion through a Rights Issue. The issue had a subscription of 221 percent.
“The success of our capital raising is a welcome vote of confidence by our shareholders on the Bank’s long term strategy. The money raised will help us focus on continued growth in the coming years as we continue to invest in Kenya and the region,” said NIC Bank Group Managing Director John Gachora.