Equity Bank Kenya Limited

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, which is the central bank and national banking regulator of Kenya.[4] In 2010 the bank introduced the Agency banking model,[5] which has proved a success[6] and is regulated by Central Bank of Kenya Prudential guidelines.[7]

Equity Bank Kenya Limited
IndustryBanking
Founded1984
Headquarters
9th Floor, Equity Centre
Hospital Road, Upper Hill
Nairobi, Kenya
Key people
David Ansell
Chairman[1]
James Mwangi
CEO [2]
ProductsLoans, Mortgages Investments, Debit Cards, Credit Cards
Revenue: Aftertax: US$142.72 million (KES:12.64 billion) (2013)[3]
Total assetsUS$3.21 billion (KES:284.37 billion) (Q3:2014)
ParentEquity Group Holdings Limited
WebsiteHomepage

History

Equity Bank Kenya Limited was incorporated in 2014, as a result of the corporate restructure of its parent company Equity Group Holdings Limited.[8] Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.

On 31 October 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. 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 personnel management to its subsidiaries, the group would be better able to invest and develop the businesses.[8]

During an extraordinary shareholders general meeting held on 24 November 2014, it was resolved to restructure the firm, leading to the formation of Equity Bank Kenya Limited.[9]

Ownership

The Equity Bank Kenya Limited is wholly owned by the Equity Group Holdings, which has a customer base in excess of 9.2 million in six East African countries, making it one of the largest commercial banks on the African continent by number of customers.[10] Equity Group Holdings is a large financial services conglomerate in East Africa, with an asset base estimated at over $3.83 billion USD (KES:339.44 billion), and shareholders' equity in excess of $644.6 million USD (KES:57.1 billion), as of 30 September 2014.[11]

Branch network

Equity Bank maintains a network of 173 branches across Kenya, which includes 38 branches in Nairobi.

Governance

The thirteen-member board of directors is chaired by David Ansell, one of the non-executive directors.[1] James Mwangi, serves as the managing director and chief executive officer of the bank.[2]

See also

References
  1. Okoth, Edwin (6 June 2018). "Peter Munga retires as Equity chair after serving for 35 years". Business Daily Africa. Nairobi. Retrieved 6 June 2018.
  2. Juma, Victor (20 September 2018). "Equity names Polycarp Igathe MD for Kenyan operations". Business Daily Africa. Nairobi. Retrieved 20 September 2018.
  3. EBG, . (March 1014). "Audited December 2013 Annual Report". Equity Bank Group (EBG). Retrieved 23 November 2014.CS1 maint: numeric names: authors list (link)
  4. CBK, . "Central Bank of Kenya: Directory of Commercial Banks And Mortgage Finance Companies". Central Bank of Kenya (CBK). Archived from the original on 1 July 2014. Retrieved 23 November 2014.CS1 maint: numeric names: authors list (link)
  5. "New agency banking system deepens access to financial services". Business Daily. Retrieved 23 August 2017.
  6. "Equity Bank 3.0: Agency Banking & Equitel". bankelele.blogspot.co.ke. Retrieved 23 August 2017.
  7. "Legislation and Guidelines - CBK". CBK. Retrieved 23 August 2017.
  8. 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). Archived from the original on 12 November 2014. Retrieved 23 November 2014.CS1 maint: numeric names: authors list (link)
  9. Wahito, Margaret (31 October 2014). "Equity Bank restructuring to form new holding company". Nairobi: 98.4 Capital FM. Retrieved 20 September 2018.
  10. Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 23 November 2014.
  11. EBG (October 2014). "Equity Bank Group Financial Statement As At 30th September 2014". Equity Bank Group (EBG). Retrieved 23 November 2014.
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