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.[3] In 2010 the bank introduced the Agency banking model,[4] which has proved a success[5] [clarification needed] and is regulated by Central Bank of Kenya Prudential guidelines.[6]
 | |
| EBL | |
| Industry | Banking |
| Predecessor | Equity Building Society |
| Founded | 1984 |
| Headquarters | |
Key people | Isaac Macharia ChairmanJames Mwangi CEO[1] |
| Products | Loans, Mortgages Investments, Debit Cards, Credit Cards |
| Revenue |  : profit Aftertax: US$308.32 million (KES:33.9 billion) (2021)[2] |
| Total assets | US$7.04 billion (KES: 774.4 Billion) (2021) |
| Parent | Equity Group Holdings Limited |
| Website | Homepage |
History
Equity Bank Kenya Limited was incorporated in 2014, as a result of the corporate restructure of its parent company Equity Group Holdings Limited.[7] Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.
On October 31, 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.[7]
During an extraordinary shareholders general meeting held on November 24, 2014, it was resolved to restructure the firm, leading to the formation of Equity Bank Kenya Limited.[8]
Equity Bank Kenya won the most Socially Responsible Bank of the Year by the African Banker Awards for the year 2019 and Bank of the Year in Kenya award by The Banker for the year 2019.[9]
Ownership
The Equity Bank Kenya Limited is wholly owned by the Equity Group Holdings, which has a customer base in excess of 14 million in six East African countries, making it one of the largest commercial banks on the African continent by number of customers.[10]
Branch network
Equity Bank maintains a network of 190 branches across Kenya, which includes 52 branches in Nairobi.[11]
Governance
The eight-member board of directors is chaired by Isaac Macharia, one of the Non-executive directors.James Mwangi, serves as the managing director and chief executive officer of the group.[1]
See also
References
- ^ 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.
- ^ "Winners Announced for African Banker Awards 2019 | Les gagnants pour les Trophées African Banker 2019". African Business. 13 June 2019. Retrieved 1 September 2021.
- ^ Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 23 November 2014.
- ^ "Equity Bank Branches | Equity Bank Branches Kenya | Branches Equity Bank Kenya". www.banks-kenya.com. Retrieved 20 May 2021.