Kenya Commercial Bank (KCB) will raise its capital to expand and boost its acquisition war chest as it eyes medium-sized banks, Reuters reported on March 18, citing one of the bank’s executives. “We will look for business where there can be synergy, where there can be ability for us to scale up, so medium-sized banks will be areas that we are focusing on today,” said KCB CEO Joshua Oigara.

However, Ogaira did not indicate if KCB planned to buy any assets in Kenya, whose fragmented banking market favors mergers-absorptions, or any other countries.

At the beginning of March, as it disclosed its annual results, Kenya Commercial Bank said it intend to implant in Democratic Republic of Congo, Mozambique, and Somalia, by 2020. To this end, the group plans to hire a consulting firm before the end of March to proceed to capital increase. Oigara added that his group was not interested in buying African assets of Barclays as the British group plans to exit the continent by two or three years.

Kenya Commercial Bank operates in Kenya, Uganda, Tanzania, Rwanda, Burundi, Southern Sudan and Ethiopia.

The company, listed on Nairobi Securities Exchange, announced a pre-tax profit of Sh26.5 billion ($261 million) in 2015, 12% above that in 2014.