| Type | Public NSE: EQTY, USE: EBL |
|---|---|
| Industry | Banking |
| Founded | 1984 |
| Headquarters | NHIF Building, Ragati Road, Nairobi, Kenya |
| Key people | Peter Munga, Chairman James Mwangi, Managing Director & CEO |
| Products | Loans, credit cards, savings, investments, mortgages |
| Revenue |
|
| Total assets | US$1.6 billion (KES:133.9 billion) (2010) |
| Employees | 5,200+ |
| Website | Homepage |
Equity Bank is a financial services provider headquartered in Nairobi, Kenya. It is one of the forty-four (44) commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[2] As of October 2010[update], Equity Bank had the largest customer base in Kenya, with over 5.7 million accounts (57%+ of all bank accounts in Kenya in 2010).[3] According to the bank's audited financial report for the year ended 31 December 2010, the shareholder's equity in the bank was valued at approximately US$336.7 million (KES:28.3 billion).[4]
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Equity Bank Group is a large financial services group in East Africa, with an asset base estimated at over US$1.5 billion, and shareholders' equity in excess of US$237 million, as of June 2010.[5] The companies that comprise the Equity Bank Group include the following: [6]
Shares of the stock of Equity Bank Group, the parent company of Equity Bank, are listed on the Nairobi Stock Exchange (NSE), under the symbol EQTY. The Group's stock is also cross-listed on the Uganda Securities Exchange (USE), under the symbol EBL.
Equity Bank was first incorporated in 1984, as Equity Building Society. Later, Equity transformed into a microfinance institution and eventually into a commercial bank.[7] Starting in 2008, Equity Bank started regional expansion by taking 100% shareholding in Uganda Microfinance Limited (UML), a profitable microfinance institution with twenty-eight (28) full-service branches and fourteen (14) agency branches, for a share-acquisition deal valued at approximately US$25.3 million.[8] UML was renamed Equity Bank (Uganda) and started operating under the new name in April 2009.[9] Also in 2008, Equity Bank obtained regulatory approval to open a subsidiary in South Sudan.[10] As of October 2010[update], the bank has one hundred nineteen (119) branches in Kenya, forty-seven (47) in Uganda, and three (3) in South Sudan. Equity Bank has declared their intention to enter Rwanda and Tanzania.[11]
As of October 2010[update], the shares of stock of Equity Bank Group, the parent company of Equity Bank, are listed on both the Nairobi Stock Exchange and the Uganda Securities Exchange. The detailed shareholding in Equity Bank Group is not publicly known.
Equity Bank maintains a network of almost 120 branches across Kenya.
The twelve (12) member Board of Directors is chaired by Peter Munga, one of the non-executive directors. James Mwangi serves as the Managing Director and Chief Executive Officer of the bank.[12]