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Report: KCB Group shareholders greenlight cash call

KCB GroupLtd.'s shareholders approved a share issuance of 10 billion Kenyanshillings, Reuters reported April 29.

The bank, which is expected to price the planned issuance inthe coming weeks, will use the proceeds from the issuance to increase lendingand explore acquisitions in Kenya, CEO Joshua Oigara reportedly said, addingthat "[b]etween now and the next quarter, we should be able to have raisedthe funds. It is not a lot of money for KCB to raise in the market."

He also said the bank may be able to make a decision aboutacquiring a stake inChase Bank (Kenya)Ltd. in "six months" instead of a year and called ChaseBank's April 27 reopening, after a three-week closure, "much smoother thanI thought."

The country's central bank had reportedly given KCB a yearto manage Chase Bank before making a decision about an acquisition.

As of April 29, US$1was equivalent to 101.98 Kenyan shillings.