Equity Bank Kenya Limited
| Industry | Banking |
|---|---|
| Founded | 1984 |
| Headquarters | |
Key people | David Ansell Chairman[1] James Mwangi CEO [2] |
| Products | Loans, Mortgages Investments, Debit Cards, Credit Cards |
| Revenue |  : 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, 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] [clarification needed] and is 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 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.[citation needed]
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
- ^ a b Okoth, Edwin (6 June 2018). "Peter Munga retires as Equity chair after serving for 35 years". Business Daily Africa. Nairobi. Retrieved 6 June 2018.
- ^ a b Juma, Victor (20 September 2018). "Equity names Polycarp Igathe MD for Kenyan operations". Business Daily Africa. Nairobi. Retrieved 20 September 2018.
- ^ EBG, . (March 1014). "Audited December 2013 Annual Report". Equity Bank Group (EBG). Retrieved 23 November 2014.
{{cite web}}:|first=has numeric name (help) - ^ 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.
{{cite web}}:|first=has numeric name (help) - ^ "New agency banking system deepens access to financial services". Business Daily. Retrieved 23 August 2017.
- ^ "Equity Bank 3.0: Agency Banking & Equitel". bankelele.blogspot.co.ke. Retrieved 23 August 2017.
- ^ "Legislation and Guidelines - CBK". CBK. Retrieved 23 August 2017.
- ^ a b 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.
{{cite web}}:|first=has numeric name (help) - ^ Wahito, Margaret (31 October 2014). "Equity Bank restructuring to form new holding company". Nairobi: 98.4 Capital FM. Retrieved 20 September 2018.
- ^ Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 23 November 2014.
- ^ 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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