Kenya's Equity Bank plans to be present in 15 countries in ten years
23 August 2016, 15:44
Nairobi (Xinhua) -- Kenya-based Equity Bank plans to have presence in 15 African countries in the next ten years, officials said on Monday.
Chief Executive Officer James Mwangi told an investor briefing in Nairobi that the bank is currently consolidating its presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan and Democratic Republic of Congo.
"At the right time, the board of Equity Bank will evaluate in which additional countries to establish presence in order to realize the dream of becoming a pan-Africa bank," Mwangi said when the bank released its financial results for the first six months of 2016.
He noted that at the moment the economies of Sub-Saharan Africa are not performing well given the low global commodities prices.
"This year we are focusing on deepening our presence and coverage in the East African region so that we propel our subsidiaries to be among top ten banks in their respective countries," he said.
"However, in the next three years we hope to be major players in respective countries," he added. The bank is yet to open a representative office in Ethiopia, a country where international banks are only allowed to give loans.
"Our business model is based on financial inter-mediation which depends on taking deposits from the public so we will open a branch in Ethiopia when foreign banks are given a fully banking license," Mwangi said.