Nairobi, Dec. 2 -- Credit Bank is eying Sh4.5 billion fresh capital through a private placement, in the race to comply with the new capital rules that require commercial lenders to have at least Sh3 billion core capital by the end of this month.

The lender, which ended September with core capital of Sh1.23 billion, now needs at least Sh1.77 billion to comply with the new law.

The legislation raised the minimum core capital requirement from Sh1 billion and provides for a gradual increase to Sh10 billion by 2029.

Read: Credit Bank in new plan to list on less active public market

The bank has called an extraordinary general meeting (EGM) on December 19 for shareholders to vote on the proposal to issue up to 45 million ordinary shares to ...