Browsing: Equity Bank

The programme runs for the 3-6 months between secondary school completion and the beginning of university.

It also offers the Global Summer Internship Programme, which allows scholars studying at international universities to return to Africa for their summer holidays and intern with Equity Group and its partners, giving them work experience and building their professional networks on the continent.

Others include the College Counselling Programme, which supports Equity scholars to access admission and scholarships to some of the world’s leading universities, including the Ivy League universities in the US.…

The Kenyan bank said it would use the loan to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges.

The loan from IFC is one of the single-largest credit facilities to a Kenyan lender.

Besides shoring up the bank’s capital base, the new loan will also be lent to customers, fitting IFC’s’ impact investing criteria.

IFC encourages the banks it funds to lend to women-owned enterprises and climate-related ventures such as renewable energy projects.…

Francois Kabeya, Goma Mayor General Commissioner, assured that the heightening business growth would expand employment opportunities and consequently create wealth for Goma residents, a city bordering Rwanda.

James Mwangi, Equity Group Managing Director and CEO, said the bank had US$5 million allocated for entrepreneurs ready to invest in manufacturing, tourism and several other sectors in the region.

He said that the aim of the mission was to unite people in both countries adding that the best collaborators in the business community were those that took risks, made mistakes and eventually created wealth.…

Equity Group Holdings has recorded huge profits of $80.6 million after-tax in its first quarter of 2021 amidst the impacts of the pandemic on economies.

In its latest financial report, for the first quarter that ended on March 31, 2021, Equity group profits increased by 64 percent after-tax to $80.6 million compared to $49.1 million recorded in 2020, which shows recovery in the financial sector.

Equity group holdings total income grew by 29 percent to $236.3 million in the same period while staff costs, loss loan provisions and other operating expenses increased to $127.9 million from $117.7 million.  During the same period, non-performing loan book grew by 11.3 percent compared to 14.6 percent which is the industry average.

The group’s interest income grew by 32 percent while non-funded income grew by 30 percent to contribute 42 percent of the total income.

While releasing the report, the Equity Group CEO James …

With a balance sheet worth Tshs 14.3tr at the end of 2019, Equity Bank has been listed seven among the top 10 banks in Africa for 2020. Rightly so because, according to The Banker’s Top 100 African Banks ranking for 2020, Equity Bank has scored 5.82 in the overall category of the best performing banks. 

Equity Group has an asset base of US$9bl and with over 14.2 million customers; the Group is one of the biggest by customer base in the region. It has a footprint of 300 branches, 51,560 agents, 31,265 merchants and 623 ATMs and is the largest bank in market capitalization across East and Central Africa. 

The Group, which is listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and the Rwanda Stock Exchange, has banking subsidiaries across the region, including Rwanda, Uganda, …

Equity Group Holdings Plc has completed the acquisition of a majority stake in the Congolese lender Banque Commerciale Du Congo (BCDC) at a discounted price of $95 million after getting a 10 per cent discount.

Last year September, Equity bank announced it had agreed with the George Arthur Forrest and family a major shareholder to acquire all its 625,354 shares which is 66.53 per cent owned by the Belgian entrepreneur at a cost of $105 million with the dividend price per share of $167.9.

In a bank’s statement, it said the takeover is now complete making it the second-largest commercial bank in the Democratic Republic of Congo (DRC).

George Arthur Forrest and family was the majority shareholder owning 66.53 per cent, the government of the Democratic Republic of Congo (25.53 per cent), while the remaining 7.94 per cent shares are owned by other minority shareholders.

Equity Bank has more than …

Commercial banks in Kenya have been on the limelight with accusations of abetting money laundering and being involved in national corruption scandals. Such was the case several banks which in 2018, CBK accused them of participating in payments for the National Youth Services (NYS) scandal.,

In this case, the director of public prosecution announced that he was considering prosecuting 20 senior officials in five banks, which they believe aided the laundering of at least Ksh1 billion ($10 million) looted from the National Youth Service (NYS) between January 2016 and April 2018.

These commercial banks have however developed mechanisms to conform to anti-money laundering laws developed in Kenya.

Norfund, the Norwegian financial institution, an active strategic minority investor – wholly owned and funded by the Norwegian Government has unveiled its three-year strategy in East Africa. Norfund is a significant investor in the region, having been instrumental in realizing the Lake Turkana Wind Power Project and as a major investor in Equity Bank.

The fund’s new strategy incorporates scaling up investments in the manufacturing and agribusiness sectors, as well as a new investment pillar on green infrastructure, including waste management, access to clean water, transmission lines and power storage.

Norfund has been investing in East Africa for over 20 years with investments in clean energy constituting almost 40% of its portfolio in the region. Some of Norfund’s investments include projects such as Globeleq, Lake Turkana Wind Power, Bujagali Hydro Power and M-KOPA.

The new green infrastructure pillar which includes investments in waste management will complement Norfund’s existing investment focus …

East Africa’s top banks ranked among the world’s 1,000 best lenders despite tough operating environment.

The banker, a monthly London-based international financial affairs publication owned by the Financial Times Ltd, shows that Kenya Commercial Bank (KCB), Equity, Diamond Trust Bank and Co-operative Bank, remained resilient in a tough operating environment so as to maintain an upward growth in profitability.

The banks made significant strides in strengthening their balance sheets (assets) and increasing their Tier 1 capital in line with the Basel III requirements.

Tier 1 capital is the core measure of a bank’s financial strength which is reserved to ensure banking operations are not disrupted during periods when lenders make losses.

The chief executive Kenya Bankers Association, Habil Olaka said that banks are taking advantage of opportunities in the East Africa Region and providing their customers with seamless service delivery.

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Equity Group Holding announced it had entered into an agreement with the Commercial bank of the Congo Banque commercial du Congo by assets.

The regional lender aims at merging its business with that of the existing Congolese subsidiary. It is on course to establish a presence in ten African countries with a cautious entry into Zimbabwe which is currently weighed down by a volatile exchange rate and hyperinflation.

The takeover of the Zimbabwean lender BancABC (Zimbabwe) which serves both corporates and retail was part of Equity’s grand Atlas Mara deal. With the deal, Equity gains entry into two additional countries Zambia and Mozambique through acquisitions.

BancABC is officially known as ABC Holdings and is a fully owned subsidiary of Atlas Mara which acquired the bank in 2014 for an estimated $265 million. It has subsidiaries in Mozambique, Tanzania, Zambia and Zimbabwe.

Also Read: Equity bank joins top financial institutions to