Browsing: Dr james mwangi

• Equity Bank dividend payout of $0.03 (KES4) per share will amount to a 36 per cent payout of the regional lender’s $331.6 million net profit.
• Customer numbers grew to 19.6 million, translating to an increase in deposits, which hit $10.6 billion in 2023.
• Loan books also increased to $6.7 billion (KES887.4 billion) from KES706.6 billion in 2022.

Equity Group’s profits saw a five per cent decline to $331.6 million (KES43.7 billion) for the financial year ending in December 2023, down from $349 million (KES46 billion) the previous year. However, despite the drop, Equity Group’s dividend payout has hit record …

• Equity Group will pay $48.1 million for 91.93% stake in Cogebanque and intends to make an offer for the entire ownership.
• Cogebanque is a public Ltd company licensed by the central bank of Rwanda  and ranks as the fifth largest lender. 
• Upon Equity Bank’s amalgamation with Cogebanque, it will become the second largest bank in Rwanda.

Kenya-based regional lender Equity Group is acquiring Compagnie Générale de Banque (Cogebanque) PLC Ltd in Rwanda. The agreement, represented by a binding term sheet, will see Equity Group pay a total cash consideration of $48.1 million to obtain a controlling equity stake of 91.93 percent.

Upon completion of the transaction, Equity Bank’s amalgamation with Cogebanque would position it as the second largest bank in Rwanda. The entity will have a combined assets market share of 18 per cent and a deposits market share of 19 per cent, based on audited accounts as of December …

The transaction meant that Spire Bank’s deposit and loan customers would enjoy uninterrupted access to Equity Bank Kenya’s banking services.

After signing the agreement, Spire Bank Board Chairman William Rahedi said that the completion of the transaction would ensure that deposit and loan customers continued enjoying uninterrupted access to banking services through Equity Bank.

Mwalimu National Sacco Chairman Joel Gachari said that once the proposed transaction is completed on November 30, 2022, all Spire Bank depositors will become Equity Bank Kenya’s customers.…

• According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million.
• The report shows that Equity Group held position 338 overall but topped in Sub-Saharan Africa, outside of South Africa.
• This year, the world’s top 500 banking brands have recorded an upward trend, reporting a 9 per cent year-on-year brand value growth to reach an all-time high of US$1.38 trillion.
• Equity Group Foundation’s corporate social arm has scaled its operations to reach a total spend of US$513 million in social investment programs.

Banking in Africa

Equity Group Holdings, the most influential financial service group in East and Central Africa, has ranked the fifth strongest banking brand globally.

According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million. The financial company is among the few banks from …

Equity Group CEO, Dr James Mwangi joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.

The letter signed by the participants shows their vision for a new global economy that is more equal, inclusive and sustainable. They are also looking at an economy that is more robust in the face of pandemics, climate change and many other global challenges that the world is facing.

António Guterres, the UN Secretary-General, Henrietta Fore, UNICEF Executive Director and OECD Development Co-operation Director Jorge Moreira da Silva among other people endorsed the CEOs’ open letter.

Among the CEO’s who have joined the movement are the CEO’s of International Chamber of Commerce Mastercard, Interface, Voyager, Danone, DSM, Philips, L’Oréal, Fortune Media, Mahindra, Natura & Co, Ketchum PR and Beiersdorf.

The CEO’s have combined annual revenue of over $100 billion and a combined global …