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
 David Ansell
Chairman[1]
Polycarp Igathe
Managing Director & CEO[2]
Products Loans, Mortgages Investments, Debit Cards, Credit Cards
Revenue Increase: Aftertax: US$142.72 million (KES:12.64 billion) (2013)[3]
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.[4]In 2010 the entity introduced Agency banking model[5] which has proved a success[6]and still regulated by Central Bank of Kenya Prudential guidelines.[7]

History

Equity Bank Kenya Limited was incorporated in 2014 as a result of the corporate restructure of 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. 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.[8]

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

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 African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers.[10] 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.[11] 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 Bank Congo – Kinshasa, Democratic Republic of the Congo Democratic Republic of the Congo
  7. Equity Consulting Group Limited – Nairobi, Kenya Kenya
  8. Equity Insurance Agency Limited – Nairobi, Kenya Kenya
  9. Equity Nominees Limited – Nairobi, Kenya Kenya
  10. Equity Investment Services Limited – Nairobi, Kenya Kenya
  11. Finserve Africa Limited – Nairobi, Kenya Kenya
  12. 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 Securities 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 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] Polycarp Igathe, serves as the managing director and chief executive officer of the bank.[2]

See also

References

  1. 1 2 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. 1 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.
  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.
  5. ↑ "New agency banking system deepens access to financial services". Business Daily. Retrieved 2017-08-23.
  6. ↑ "Equity Bank 3.0: Agency Banking & Equitel". bankelele.blogspot.co.ke. Retrieved 2017-08-23.
  7. ↑ "Legislation and Guidelines - CBK". CBK. Retrieved 2017-08-23.
  8. 1 2 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.
  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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