Equity Bank
Encyclopedia
Equity Bank is a financial services provider headquartered in Nairobi
, Kenya
. It is one of the forty-four (44) commercial bank
s licensed by the Central Bank of Kenya
, the national banking regulator. , Equity Bank had the largest customer base in Kenya, with over 5.7 million accounts (57%+ of all bank accounts in Kenya in 2010). According to the bank's audited financial report for the year ended 31 December 2010, the shareholder's equity in the bank was valued at approximately US$336.7 million (KES:28.3 billion).
is a large financial services group in East Africa
, with an asset base estimated at over US$1.5 billion, and shareholders' equity in excess of US$237 million, as of June 2010. The companies that comprise the Equity Bank Group include the following:
Shares of the stock
of Equity Bank Group
, the parent company of Equity Bank, are listed on the Nairobi Stock Exchange
(NSE), under the symbol EQTY. The Group's stock is also cross-listed on the Uganda Securities Exchange
(USE), under the symbol EBL.
Equity Bank was first incorporated in 1984, as Equity Building Society. Later, Equity transformed into a microfinance
institution and eventually into a commercial bank
. Starting in 2008, Equity Bank started regional expansion by taking 100% shareholding in Uganda Microfinance Limited (UML), a profitable microfinance institution with twenty-eight (28) full-service branches and fourteen (14) agency branches, for a share-acquisition deal valued at approximately US$25.3 million. UML was renamed Equity Bank (Uganda)
and started operating under the new name in April 2009. Also in 2008, Equity Bank obtained regulatory approval to open a subsidiary in South Sudan
. , the bank has one hundred nineteen (119) branches in Kenya
, forty-seven (47) in Uganda
, and three (3) in South Sudan
. Equity Bank has declared their intention to enter Rwanda
and Tanzania
.
of Equity Bank Group
, the parent company of Equity Bank, are listed on both the Nairobi Stock Exchange
and the Uganda Securities Exchange
. The detailed shareholding in Equity Bank Group is not publicly known.
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.
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. It is one of the forty-four (44) commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s licensed by the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the national banking regulator. , Equity Bank had the largest customer base in Kenya, with over 5.7 million accounts (57%+ of all bank accounts in Kenya in 2010). According to the bank's audited financial report for the year ended 31 December 2010, the shareholder's equity in the bank was valued at approximately US$336.7 million (KES:28.3 billion).
Equity Bank Group
Equity Bank GroupEquity Bank Group
Equity Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, and South Sudan...
is a large financial services group in East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
, with an asset base estimated at over US$1.5 billion, and shareholders' equity in excess of US$237 million, as of June 2010. The companies that comprise the Equity Bank Group include the following:
- Equity Bank - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
- Equity Bank (Rwanda)Equity Bank (Rwanda)Equity Bank , is a commercial bank in Rwanda. The bank is one of the eleven licensed commercial banks in the Republic of Rwanda.-History:...
- KigaliKigaliKigali, population 965,398 , is the capital and largest city of Rwanda. It is situated near the geographic centre of the nation, and has been the economic, cultural, and transport hub of Rwanda since it became capital at independence in 1962. The main residence and offices of the President of...
, RwandaRwandaRwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
- (coming soon) - Equity Bank (South Sudan)Equity Bank (South Sudan)-Overview:The bank provides banking services to individuals and to small and medium business enterprises. It is one of the commercial banks licenced to operate in the country by the Bank of South Sudan, the national banking regulator.-Equity Bank Group:...
- Juba, South SudanSouth SudanSouth Sudan , officially the Republic of South Sudan, is a landlocked country located in the Sahel region of northeastern Africa. It is also part of the North Africa UN sub-region. Its current capital is Juba, which is also its largest city; the capital city is planned to be moved to the more... - Equity Bank (Tanzania) - Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
, TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
- (coming soon) - Equity Bank (Uganda)Equity Bank (Uganda)-Overview:The bank provides banking services to individuals and to small and medium business enterprises. As of December 2009, the bank was the 14th largest commercial bank in Uganda with an estimated asset valuation of approximately US$81.4 million or approximately 2% of all bank assets in the...
- KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, UgandaUgandaUganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
- Equity Consulting Group Limited - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
- Equity Insurance Agency Limited - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
- Equity Nominees Limited - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
- Equity Investment Services Limited - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east... - Finserve Africa Limited - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
- Equity Group Foundation - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
Shares of the stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Equity Bank Group
Equity Bank Group
Equity Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, and South Sudan...
, the parent company of Equity Bank, are listed on the Nairobi Stock Exchange
Nairobi Stock Exchange
The Nairobi Securities Exchange is the principal stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association...
(NSE), under the symbol EQTY. The Group's stock is also cross-listed on the Uganda Securities Exchange
Uganda Securities Exchange
The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
(USE), under the symbol EBL.
History
Equity Bank was first incorporated in 1984, as Equity Building Society. Later, Equity transformed into a microfinance
Microfinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
institution and eventually into a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
. Starting in 2008, Equity Bank started regional expansion by taking 100% shareholding in Uganda Microfinance Limited (UML), a profitable microfinance institution with twenty-eight (28) full-service branches and fourteen (14) agency branches, for a share-acquisition deal valued at approximately US$25.3 million. UML was renamed Equity Bank (Uganda)
Equity Bank (Uganda)
-Overview:The bank provides banking services to individuals and to small and medium business enterprises. As of December 2009, the bank was the 14th largest commercial bank in Uganda with an estimated asset valuation of approximately US$81.4 million or approximately 2% of all bank assets in the...
and started operating under the new name in April 2009. Also in 2008, Equity Bank obtained regulatory approval to open a subsidiary in South Sudan
South Sudan
South Sudan , officially the Republic of South Sudan, is a landlocked country located in the Sahel region of northeastern Africa. It is also part of the North Africa UN sub-region. Its current capital is Juba, which is also its largest city; the capital city is planned to be moved to the more...
. , the bank has one hundred nineteen (119) branches in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, forty-seven (47) in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
, and three (3) in South Sudan
South Sudan
South Sudan , officially the Republic of South Sudan, is a landlocked country located in the Sahel region of northeastern Africa. It is also part of the North Africa UN sub-region. Its current capital is Juba, which is also its largest city; the capital city is planned to be moved to the more...
. Equity Bank has declared their intention to enter Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
.
Ownership
, the shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Equity Bank Group
Equity Bank Group
Equity Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, and South Sudan...
, the parent company of Equity Bank, are listed on both the Nairobi Stock Exchange
Nairobi Stock Exchange
The Nairobi Securities Exchange is the principal stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association...
and the Uganda Securities Exchange
Uganda Securities Exchange
The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
. The detailed shareholding in Equity Bank Group is not publicly known.
Governance
The twelve (12) member Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is chaired by Peter Munga, one of the non-executive directors. James Mwangi serves as the Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the bank.
External links
See also
- Equity Bank GroupEquity Bank GroupEquity Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, and South Sudan...
- Equity Bank (Rwanda)Equity Bank (Rwanda)Equity Bank , is a commercial bank in Rwanda. The bank is one of the eleven licensed commercial banks in the Republic of Rwanda.-History:...
- Equity Bank (Sudan)
- Equity Bank (Tanzania)
- Equity Bank (Uganda)Equity Bank (Uganda)-Overview:The bank provides banking services to individuals and to small and medium business enterprises. As of December 2009, the bank was the 14th largest commercial bank in Uganda with an estimated asset valuation of approximately US$81.4 million or approximately 2% of all bank assets in the...
- List of banks in Kenya
- Central Bank of KenyaCentral Bank of KenyaThe Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...