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Credit Bank, a Nairobi-based commercial bank owned by the family of the late Kenyan politician and businessman Simeon Nyachae is seeking fresh shareholder approval for a $35 million capital-raising plan. This comes as the lender looks to strengthen its regulatory footing, expand digital banking services and grow lending to small and medium-sized enterprises (SMEs).
An extraordinary general meeting is scheduled for Dec. 19, 2025, where investors will consider several proposals. These include a private placement of up to 45 million shares at Ksh100 ($0.77) each, the issuance of preference shares, a land-for-shares deal valued at Ksh1.2 billion ($9.3 million) and a $1.5 million convertible note for ShoreCap III LP.
Credit Bank plans Nairobi land purchase
ShoreCap, which first invested in Credit Bank in mid-2023 with a 20 percent stake, provides the bank with an established development-finance partner. One of the most notable proposals is the planned acquisition of land in Nairobi’s Upper Hill. Credit Bank aims to acquire a parcel along Kiambere Road by issuing 12 million new shares to Shangrilas Villas Co. Ltd.
If approved the deal along with other capital measures would support the bank’s expansion of its SME portfolio and digital services while meeting regulatory requirements. Shareholders can vote online or via USSD, reflecting Kenya’s increasing adoption of digital corporate governance.
Family-led Credit Bank targets growth
Founded in 1986, Credit Bank remains linked to the Nyachae family. Grace Nyachae, widow of the late politician Simeon Nyachae, remains a director on the bank’s board. The family also holds a significant stake in Credit bank, thus strengthening their influence in the bank.
If shareholders back the proposals, Credit Bank would secure one of the largest capital infusions among Kenya’s mid-tier lenders in recent years. The funds would strengthen its Tier II and core capital, thus providing a buffer as Basel III standards and higher provisioning requirements place increasing demands on smaller and mid-sized banks.
