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.In 2010 the entity introduced Agency banking modelwhich has proved a successand still regulated by Central Bank of Kenya Prudential guidelines.
History
Equity Bank Kenya Limited was incorporated in 2014 as a result of the corporate restructure of Equity Group Holdings Limited. 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.
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.
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. 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. The companies that comprise the Equity Group Holdings Limited include the following:
- Equity Bank Kenya Limited â€" Nairobi, Kenya
- Equity Bank Rwanda Limited â€" Kigali, Rwanda
- Equity Bank South Sudan Limited â€" Juba, South Sudan
- Equity Bank Tanzania Limited â€" Dar es Salaam, Tanzania
- Equity Bank Uganda Limited â€" Kampala, Uganda
- ProCredit Bank Congo SARL â€" Kinshasa, Democratic Republic of the Congo
- Equity Consulting Group Limited â€" Nairobi, Kenya
- Equity Insurance Agency Limited â€" Nairobi, Kenya
- Equity Nominees Limited â€" Nairobi, Kenya
- Equity Investment Services Limited â€" Nairobi, Kenya
- Finserve Africa Limited â€" Nairobi, Kenya
- Equity Group Foundation â€" Nairobi, 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 Peter Munga, one of the non-executive directors. James Mwangi, serves as the managing director and chief executive officer of the bank.
See also
- Equity Group Holdings Limited
- Equity Bank (Rwanda)
- Equity Bank (South Sudan)
- Equity Bank (Tanzania)
- Equity Bank (Uganda)
- List of banks in Kenya
- Central Bank of Kenya
References
External links
- Equity Bank Kenya
- Central Bank of Kenya
- Equity Bank Group