Family Bank is taking strategic steps to facilitate its expansion into regional markets by establishing a special-purpose company. This move comes after shareholders approved the formation of a non-operating holding company.
This holding company will be responsible for managing shares in Family Bank Kenya and other non-banking subsidiaries, paving the way for future growth initiatives.
With plans to extend its presence beyond Kenya into East, West, and Central African regions, Family Bank is positioning itself for broader market reach and enhanced operational capabilities.
By centralizing share management under the holding company, the bank aims to streamline governance and operational processes, ensuring efficient execution of its expansion strategy.
“Regional expansion remains a focus for the bank in supporting our business growth and expansion strategy. We are exploring the possibility of expanding our footprint to countries within the East, West and Central African region,” CEO Nancy Njau said.
The approval comes following its Annual General Meeting last month, where shareholders also approved a Sh723 million dividend payout for the financial year ended December 2023.
“This non-operating holding company will allow for capital efficiency, risk management and establishment of separate governance structures for both banking and our non-banking subsidiaries,” read a statement from the lender.
