Equity Bank

From Wikipedia, the free encyclopedia
Equity Bank
Traded as NSE: EQTY
USE :EBL
Industry Banking and Finance
Predecessor(s) Equity Building Society (EBS)
Headquarters Equity Centre
Upper Hill – Hospital Road, Equity Centre, 9th floor
Nairobi, Kenya
Key people Mr. Peter Munga, CBS, Chairman
Dr. James Mwangi, CBS, managing director & CEO
Products Loans, Mortgages Investments, Debit Cards, Credit Cards
Revenue Increase: Aftertax: US$89.9 million (KES:7.55 billion) (2010)[1]
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, 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]

Equity Bank Group

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]

  1. Equity Bank – Nairobi, Kenya Kenya
  2. Equity Bank (Rwanda) – Kigali, Rwanda Rwanda
  3. Equity Bank (South Sudan) – Juba, South Sudan South Sudan
  4. Equity Bank (Tanzania) – Dar es Salaam, Tanzania Tanzania
  5. Equity Bank (Uganda) – Kampala, Uganda Uganda
  6. Equity Consulting Group Limited – Nairobi, Kenya Kenya
  7. Equity Insurance Agency Limited – Nairobi, Kenya Kenya
  8. Equity Nominees Limited – Nairobi, Kenya Kenya
  9. Equity Investment Services Limited – Nairobi, Kenya Kenya
  10. Finserve Africa Limited – Nairobi, Kenya Kenya
  11. Equity Group Foundation – Nairobi, Kenya Kenya

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.

History

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] and in November 2011, Equity Bank commenced operations in Rwanda, launching officially in February 2012.[11][12] As of April 2012, the bank has one hundred and thirty five (135) branches in Kenya, thirty eight (38) in Uganda, seven (10) in Rwanda, four (4) in South Sudan and two (2) in Tanzania.

Ownership

As of April 2012, 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.

Branch network

Equity Bank maintains a network of 135 branches across Kenya, which includes 38 branches in Nairobi.

Governance

The thirteen (13) member board of directors is chaired by Mr. Peter Munga, CBS one of the non-executive directors. Dr. James Mwangi, CBS, serves as the managing director and chief executive officer of the bank.[13]

External links

See also

References

  1. ↑ Audited December 2010 Annual Report
  2. ↑ List of Licensed Commercial Banks In Kenya
  3. ↑ Equity Bank Has Largest Customer Base In Kenya
  4. ↑ 2010 Audited Annual Financial Report
  5. ↑ About Equity Bank Group
  6. ↑ Members Of Equity Bank Group
  7. ↑ History of Equity Bank
  8. ↑ Equity Bank Buys UML For USD25.3 Million
  9. ↑ Uganda Microfinance Limited Rebrands To Equity Bank (Uganda)
  10. ↑ Kenya's Equity Bank Expands To South Sudan
  11. ↑ Equity Bank Commences Operations in Rwanda
  12. ↑ Equity Bank in Massive Rwanda Expansion
  13. ↑ Board of Directors of Equity Bank
This article is issued from Wikipedia. The text is available under the Creative Commons Attribution/Share Alike; additional terms may apply for the media files.