Nairobi, Dec. 4 -- Family Bank of Kenya has raised Sh8 billion through a private placement with the entrance of new owners diluting older shareholders, including the family of its billionaire founder, Titus Muya, even as the mid-sized lender eyes listing on the Nairobi Securities Exchange.

The private placement, which saw the bank offer new shares to a select group of sophisticated investors, was oversubscribed by 31.4 percent, with investors offering the lender Sh8 billion against a target of Sh6.09 billion.

Family Bank, which plans to list at the Nairobi bourse by mid-next year, said the bulk of the new shares offered were bought by fund managers, pension funds, insurance companies, and wealthy individuals.

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