Reuters: Financial Services and Real Estate: Kenya's StanChart to raise $37 mln in rights issue

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Kenya's StanChart to raise $37 mln in rights issue May 24th 2012, 16:15 NAIROBI | Thu May 24, 2012 12:15pm EDT NAIROBI May 24 (Reuters) - Standard Chartered Bank of Kenya will raise 3.2 billion shillings ($37.5 million) in a rights issue to fund its business expansion, the bank said on Thursday. The bank, controlled by London-listed Standard Chartered , said it would issue 37 million new ordinary shares priced at 5 shillings each. It saif the extra cash would help to fund growth and support a growing balance sheet. The bank posted a 41 percent rise first-quarter pretax profit to 3.3 billion shillings, with revenue up a third at 5.5 billion shillings. "We are obsessed with the basics of banking: being well capitalized and highly liquid; managing risk proactively; keeping tight control of costs; and staying well diversified," Chief Executive Officer Richard Etemesi said. Earlier in the year, Etemesi had said the bank was likely to raise an unspecified amount of capital in 2013 to support strong growth in lending and that it planned to start operations in neighbouring countries.

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