IMPERIAL BANK’S KSHS 2 BILLION CORPORATE BOND OFFICIALLY LAUNCHED
• Fixed rate notes issue poised to boost the bank’s expansion strategy
• Bank on a stable growth trajectory
• Bond is set to attract local investors
Nairobi 24th August 2015: Imperial Bank’s Kshs. 2 billion Corporate Bond issue has officially launched today. The transaction, which is in one tranche, will target to raise Kshs. 2 billion to boost the bank’s expansion strategy, reinforce the bank’s balance sheet and enhance its capital adequacy ratios.
Imperial Bank received approval for its bond from the Capital Markets Authority on August 12th 2015, thus allowing the Bank to market the Bond to the public.
Speaking at the launch, the Bank’s Chairman Mr. Alnashir Popat said, “With the funds raised, the Bank will be able to realize its regional expansion strategy and will be better placed to enrich its offering.” The bond is an unsecured subordinate debt whose minimum application per client is pegged at Kshs 1,000,000. The Notes will mature on 21st December 2020 and will carry an annual fixed interest rate of 15% per annum. Imperial Bank is targeting local institutional investors, individual retail investors and fund managers to participate in the bond issue.
Mr. Popat further said, “Our solid fundamentals make this bond issue an attractive investment vehicle for the investors. Apart from offering an attractive return of 15% per annum, the bond will be listed on the Nairobi Securities Exchange, offering investors an opportunity to trade and cash-in any time before the expiry of the 5.25 years.” The bank has sustained positive growth over the last 23 years by offering innovative and premier financial services while upholding high levels of integrity, good governance and financial transparency. Its expansion agenda is a significant catalyst for future growth.
He further stated “Investing in our bond issue will offer investors an opportunity to be part of a diversified portfolio and also a role in our exciting growth narrative. The offer opens on 24th August 2015 and will close on 17th September 2015. The listing on Nairobi Stock Exchange and commencement of trading is expected on 30th October 2015.”
Dyer and Blair Investment Bank is acting as the bank’s Transaction Advisor, Sponsoring Broker and Placing Agent, Hamilton Harrison & Mathews (HH&M) as Legal Advisor, PKF as Reporting Accountants, Image Registrar as Registrar and Fiscal Agent and Ropat Trust Company as Note Trustee.
Key dates for the transaction are as follows:
• Application list opens – 9.00am 24th August 2015
• Application list closes – 5.00 pm 17th September 2015
• Dates of allocation – 22nd September 2015
• Settlement Date – 28th September 2015
• Public Announcement Date – 2nd October 2015
• Crediting of notes to CDSC accounts – 6th October 2015
• Listing on NSE and commencement of trading – 13th October 2015
ABOUT IMPERIAL BANK LIMITED
Imperial Bank is a leading commercial bank operating regionally in East Africa. The bank was founded as Imperial Finance and Securities Company Limited and commenced operations as a financial institution in 1992. It converted into a fully-fledged commercial bank in January 1996 under the name of IMPERIAL BANK LIMITED. Since then IBL has experienced continual growth by offering innovative and premier financial services while upholding high levels of integrity. In January 2011, Imperial Bank opened its Uganda subsidiary. The bank now has a network of 28 branches in Kenya and 5 in Uganda.
Over the last 23 years, Imperial Bank has continued in its long-standing tradition of achieving strong financial performance while successfully focusing on efficient client service delivery. The bank, which has won the prestigious Financial Reporting (FiRe) Award on 5 occasions, has also been recognized as the best bank in Kenya in various categories in the ‘Think Business’ annual banking awards. Imperial Bank has in the recent past received the Millennium Development Goals Award for its contribution towards the achievement of Millennium Development Goal no. 4. This was through the UNICEF-Imperial Bank ATMs fundraising campaign. In 2014, the bank won two awards during the annual Marketing Society of Kenya (MSK) awards in recognition of its marketing efforts for the innovative Arsenal Debit card product, a result of a 3-year partnership with Arsenal Football Club.
In 2014, the bank signed up to champion children’s rights by committing to the Children’s Rights and Business Principles (CRBPs). This is an initiative of Save the Children Sweden (SCS), the UN Global Compact and UNICEF and the first comprehensive set of principles to guide companies on the full range of actions they can take in the workplace, marketplace and community to respect and support children’s rights.
With its robust banking systems and expertise derived from a highly experienced team, Imperial Bank offers efficient customer service. The bank is also the first regional bank to sign a licensing agreement with Total System Services (TSYS) offering customers improved security, risk management and compliance, operational efficiency and increase agility.
For more information, kindly contact
Marketing & Communications Department
Tel: 020 287 4000, Cell: 0711 019 000