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Credit Bank to strengthen SME lending after acquisition

Credit Bank Kenya is projecting an increase of its balance sheet to Ksh 32 billion by next year following the on boarding of Shorecap Bank.

This comes after the Central Bank of Kenya (CBK) approved the acquisition of a 20pc shareholding by Mauritius-based Shorecap in April this year.

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Following the acquisition, the lenders is now hoping to grow its market share and expand its support to Small and Medium Enterprises (SMEs).

ShoreCap owned by ShoreCap III GP Limited, African Development Bank Group, CDC Holdings Guernsey Limited, and European Investment Bank, KfW Development Bank focuses on investing in inclusive financial services in Asia and Africa.

Credit Bank Chief Executive Officer Betty Korir says through the partnership, the return on equity is projected to grow to 15pc from 8.95pc since 2018.

The bank says through the partnership, access to affordable and responsive financial products and services for underserved market segments will expand.

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