Family Bank, a financial institution with a rich history dating back to its establishment as a building society in 1984, has announced an extension of its Sh9.3 billion rights issue, pushing the closure date to January 31, 2024.

This move comes after the initiative was initially revealed in October of the previous year, with the original deadline set to conclude in the following month.

Under the terms of the rights issue, the bank is offering existing shareholders an additional share for every two they currently own, and this privilege comes at a cost of Sh14.5 per share.

The extension of the rights issue reflects the institution's commitment to ensuring widespread participation from its shareholder base.

Family Bank's Company Secretary, Eric Murai, affirmed the decision, stating, “Kindly note that the Board of Directors has extended the Rights Issue Closure Date to 31st January 2024.”

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He further emphasized the benefits for shareholders, urging them to capitalize on the discounted rights offer and the extended period.

"Dear Shareholder, We encourage our shareholders to take advantage of the discounted rights offer and the extended rights period to take up their rights," Murai stated.

The bank has earmarked the proceeds from the rights issue to fuel its ambitious plans for regional expansion, alongside investments in information technology and infrastructure.

This strategic allocation of funds underscores Family Bank's vision for growth and adaptability in the dynamic financial landscape.

Having transitioned from a building society to a fully-fledged commercial bank in 2007, Family Bank has solidified its presence in the financial sector.

At present, the institution boasts a robust network comprising 93 branches, supported by 5,900 agents, and fortified with 144 ATMs strategically positioned across 32 counties.

As the January 31, 2024, deadline approaches, shareholders are encouraged to actively participate in the rights issue, reinforcing their commitment to Family Bank's continued success and contributing to the realization of its strategic objectives.