The Kenya Equity Bank (KEB) declared the interest of buying Baclays Africa Group franchise in Botswana and Ghana. This will expand their African market share, following Baclay’s decision to reduce its share in African ventures.
Mr James Mwangi, the Chief Executive Officer of KEB said, “We see a huge opportunity. It is true that they have a very good franchise in Botswana, Kenya and Ghana.
Mwangi explained that the bank expect higher returns on asset and equity this year due to stabilization of weaker currency in its region of operation like Tanzania, Uganda and Kenya which led to transaction losses last year.
The decision to purchase the Baclays franchise will expand the business and performance with the ready-made market. This will reduce or eliminate the losses expected to be incurred in new ventures.