Credit Bank has announce the official onboarding of Shorecap III, LP as a strategic shareholder. Following the successful completion of regulatory approvals and shareholder consent, Shorecap III, LP acquired a 20% stake in Credit Bank PLC on June 15, 2023. This partnership marks an exciting opportunity for both organizations to leverage their synergies, strengthen their market presence, and deliver enhanced services to customers.
During the official onboarding ceremony, Mrs Grace Nyachae, CBL Patron and majority shareholder, expressed her optimism about the new partnership. She emphasized the potential to propel Credit Bank to new heights and generate stronger results, fostering a shared future. This collaboration signifies a significant step towards building a dynamic lender that instils confidence in the market.
Betty Korir, CEO of Credit Bank, highlighted the strategic importance of this partnership. She emphasized how it will fortify the bank’s capital ratios and enhance its competitiveness in Kenya’s highly competitive banking sector. This alliance will enable Credit Bank to provide superior services to its valued customers by bolstering its capabilities.
Ms Korir acknowledged the evolving nature of the banking industry and stressed the need for constant innovation, adaptation, and expansion to remain relevant. Through the partnership with Shorecap III, Credit Bank aims to amplify its financial strength and play a more substantial role in the industry. Leveraging synergies, the bank plans to adopt a digital-first approach, enhance cost efficiency, and offer versatile products to meet the market’s evolving needs.
Looking ahead, Credit Bank intends to accelerate the growth of its non-funded business, diversifying its revenue streams. Simultaneously, the bank will prudently expand its balance sheet by providing high-quality loans contributing to robust growth. These strategic initiatives will position Credit Bank for continued success and enable it to serve its customers optimally.
The official onboarding of Shorecap III, LP as a strategic shareholder marks a significant milestone for Credit Bank PLC. This partnership brings together two organizations dedicated to leveraging synergies, driving innovation, and delivering exceptional services. Credit Bank looks forward to a prosperous future, marked by sustained growth and a steadfast commitment to meeting the market’s evolving needs.