Equity Bank Group
|Traded as||KN: EQTY
|Industry||Banking and Finance|
|Predecessor(s)||Equity Building Society (EBS)|
|Headquarters||9th Floor, Equity Centre
|Key people||Peter Munga
Group managing director & CEO
|Products||Loans, Mortgages Investments, Debit cards, Credit Cards|
|Revenue||Aftertax:US$155 million (KES:13.2 billion) (2013)|
|Total assets||US$3.45+ billion (KES:295 billion) (Q1:2014)|
As of March 2014[update], Equity Bank Group is a large financial services organisation in East Africa, with an asset base valued at over US$3.45 billion (KES:295 billion), with a total customer base in excess of 8.7 million, in the region the group serves. Shareholder's equity was valued at about US$421 million (KES:34.3 billion), in December 2011.
The bank was named as the "Best Performing Company in Africa" during the annual African Investor Index Awards held 21 September 2009 in New York City. In June 2008, the bank was voted by Euromoney awards for excellence as the best bank in Kenya in June 2008. In Kenya, Equity Bank emerged the overall best bank in Kenya at the Renaissance Capital Bank awards in August 2008 and was cited locally as the only stock that returned positive shareholder value during the year 2008 at the Nairobi Stock Exchange.
Equity Bank was founded as Equity Building Society (EBS) in October 1984 in Kenya and was originally a provider of mortgage financing for the majority of customers who fell into the low income population. The vast majority of Africans have historically been excluded from formal sources of capital, such as banks, building societies and other regulated financial institutions. They therefore knew little about these resources, which makes financial literacy and education strategically important to Equity Bank's growth. Also due to its rural banking orientation, promotion of agribusiness is a significant and strategic intervention by Equity.
Having been declared technically insolvent in 1993, Equity Bank Group later returned in the follow years. By 2011, Equity Bank had more than 7.15 million customers – nearly half of bank accounts in Kenya. The company's vision is “to be the champion of the socio-economic prosperity of the people of Africa”.
Equity Bank has been severally voted the "best bank in retail banking" due to, among other factors, the customer dedication and talented management team. In addition to enjoying widespread recognition domestically, the company has attracted a lot of global accolades and awards, as other developing countries in Africa and Asia seek to learn from Equity's low margin, high-volume model.
The stock of Equity Bank Group is traded on the Nairobi Stock Exchange, under the symbol: EQTY. On Thursday 18 June 2009, the Group's stock cross listed on the Uganda Securities Exchange and started trading that day, under the symbol: EBL. As of December 2011[update], shareholding in the group's stock was as depicted in the table below:
|Equity Bank Group Stock Ownership|
Board of directors
Mr. Peter Munga, CBS, Chairman
The companies that compose the Equity Bank Group include but are not limited to the following:
In 2010, Equity Group Foundation (EGF) crystallised as a fully fledged institution with its own structures and systems. It attracted professionals from both local and international markets who have brought knowledge, expertise and the experience needed to implement programs along the thematic areas identified for focus. This innovation and creative vehicle has fundamentally transformed the concept of philanthropy and corporate social responsibility to a level previously unknown.
While Equity Group Foundation champions the socio-economic transformation of the people of Africa and seeks partnerships along six cluster thematic areas, Equity Bank provides the infrastructure of delivery hence reducing the operational costs for the Foundation and increasing the rate of return on any social investment. The six Thematic Pillars are: 1. Education and Leadership Development 2. Financial Literacy 3. Agriculture 4. Health 5. Environment & Sustainability 6. Innovation
Accolades and recognition
September 2011: Equity Bank Group was listed as one of the 16 global emerging Markets New Sustainability Champions by a World Economic Forum Report in 2011. Equity Bank Group was recognised as the only financial service provider in the Emerging Markets which meets the threshold of sustainability based on criteria covering innovation, growth and corporate sustainability.