Commercial Bank of Africa Raises Funds for Expansion, Daily Says

Commercial Bank of Africa Ltd. has raised 1.5 billion shillings ($18 million) from holders through a private placement, Business Daily said citing Group Chief Executive Officer Isaac Awuondo.

The Kenyan lender, which has operations in Tanzania, will use the funds to expand into neighbouring Uganda upon approval of its license, the Nairobi-based newspaper said. Commercial Bank also intends to expand into Rwanda and Burundi next year, it said.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net

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