Equity Bank Kenya Limited

Equity Bank Kenya Limited
Industry Banking
Founded 2014
Headquarters 9th Floor, Equity Centre
Hospital Road, Upper Hill
Nairobi, Kenya
Key people
 Peter Kahara Munga
Chairman
James Mwangi
Managing Director & CEO
Products Loans, Mortgages Investments, Debit Cards, Credit Cards
Revenue Increase: Aftertax: US$142.72 million (KES:12.64 billion) (2013)[1]
Total assets US$3.21 billion (KES:284.37 billion) (Q3:2014)
Parent Equity Group Holdings Limited
Website Homepage

Equity Bank Kenya Limited, is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the central bank and national banking regulator.[2]

History

Equity Bank Kenya Limited was incorporated in 2014 as a result of the corporate restructure of Equity Group Holdings Limited.[3] Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.

On October 31, 2014, Equity Bank announced its intention to incorporate a new wholly owned subsidiary, Equity Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. The rationale for the re-organisation is that by converting Equity Group Holdings Limited into a non-trading holding company (as defined under the Banking Act) that owns both banking and non-banking subsidiary companies and provides strategic, brand, risk and talent management to its subsidiaries, the Group will be better placed to invest and to develop the existing and new businesses as part of its third phase of growth and transformation.[3]

During an extra-ordinary shareholders general meeting held on November 24, 2014, it was resolved to adopt the proposed restructure thus leading to the formation of Equity Bank Kenya Limited.[4]

Ownership

Equity Bank is a wholly owned subsidiary of Equity Group Holdings Limited. Making it a member of the Equity Group Holdings Limited.

Equity Group Holdings Limited

The Equity Bank Kenya Limited's parent company, the Equity Group Holdings Limited, has a customer base in excess of 9.2 million in the six East Arican countries that it serves, making it the largest commercial bank on the African continent, by customer numbers.[5] Equity Group Holdings Limited is a large financial services conglomerate in East Africa, with an asset base estimated at over US$3.83 billion (KES:339.44 billion), and shareholders' equity in excess of US$644.6 million (KES:57.1 billion), as of 30 September 2014.[6] The companies that comprise the Equity Group Holdings Limited include the following:

  1. Equity Bank Kenya Limited – Nairobi, Kenya Kenya
  2. Equity Bank Rwanda Limited – Kigali, Rwanda Rwanda
  3. Equity Bank South Sudan Limited – Juba, South Sudan South Sudan
  4. Equity Bank Tanzania Limited – Dar es Salaam, Tanzania Tanzania
  5. Equity Bank Uganda Limited – 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 Group Holdings Limited, 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.

Branch network

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

Governance

The thirteen-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.[7]

See also

References

  1. ↑ EBG, . (March 1014). "Audited December 2013 Annual Report". Equity Bank Group (EBG). Retrieved 23 November 2014.
  2. ↑ CBK, . "Central Bank of Kenya: Directory of Commercial Banks And Mortgage Finance Companies". Central Bank of Kenya (CBK). Retrieved 23 November 2014.
  3. ↑ 3.0 3.1 EBG, . (31 October 2014). "Circular To Shareholders for The Transfer of The Kenyan Banking Business To A Newly Created, Wholly Owned Subsidiary". Equity Bank Group (EBG). Retrieved 23 November 2014.
  4. ↑ "Results of the Extra-ordinary General Meeting of Equity Bank Limited held on 24th November, 2014". http://equitybankgroup.com/''. Equity Bank Group. November 24, 2014. Retrieved November 26, 2014.
  5. ↑ Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 23 November 2014.
  6. ↑ EBG, . (October 2014). "Equity Bank Group Financial Statement As At 30th September 2014". Equity Bank Group (EBG). Retrieved 23 November 2014.
  7. ↑ EBG, . "Equity Bank Kenya: Board of Directors". Equity Bank Group (EBG). Retrieved 23 November 2014.

External links