Nairobi, Nov. 27 -- African Banking Corporation (ABC) Bank shareholders are raising Sh400 million through a rights issue, joining the list of lenders racing against time to meet the enhanced Sh3 billion minimum core capital threshold by the end of the year.

The lender, which closed June with core capital of Sh2.59 billion, said the process is already ongoing and will yield at least Sh400 million.

The amount will help the lender comply with the Central Bank of Kenya (CBK) requirement that banks close this year with a minimum core capital of Sh3 billion, which is a raise from the Sh1 billion that had been in place for 12 years.

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"Our shareholders recently initiated a cas...