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Private Placement for Family Finance

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Published on Tuesday, 03 July 2007 04:58
Family Finance Building Society will next month start selling shares to the public.Board chairman, Mr Thomas Muya said the shares will first be sold through private placement before being floated at the Nairobi Stock Exchange.Muya said preference would be given to account holders, board members and staff.

"We shall convert to a fully fledged commercial bank before the end of the year and as a locally owned institution, we have no intention of selling shares to foreigners," said the chairman. Muya made the remarks on Sunday during the official opening of the Family Finance Building Society Kisii branch. The ceremony, held at Gusii stadium was presided over by Planning minister Mr Henry Obwocha and other dignitaries.

Obwocha urged commercial banks and other financial institutions to further lower their interest rates.
Relevant LinksThe minister expressed concern that while banks made huge profits, local investors shied away from taking loans due to the high interest rates. He said the country's economic growth would be doubled easily if banks provided potential investors with easy loans.

Obwocha urged Kenyans to support indigenous banks saying it was through such investments that the country would be independent of establishments with foreign links."It is by supporting our own that Kenyans will build strong and sustainable institutions for posterity," he said.