Kenya’s regional financial institution, the Equity Bank, said on Thursday it plans to extend its presence in east, central and southern Africa.
James Mwangi, CEO of Equity Group, told an investor briefing in Nairobi that it currently operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo.
“We plan to acquire four subsidiaries of the London-listed Atlas Mara in Rwanda, Tanzania, Zambia and Mozambique. The transaction, once it is closed, would allow the group to double the size of its operations in Rwanda and Tanzania while entering and establishing presence in the southern African region,” Mwangi said during the release of the bank’s financial results of the first quarter of 2019.
The bank’s latest financial results indicated that its net profit reached 6.2 billion shillings (62 million U.S. dollars) in the first quarter of 2019, up from 59 million dollars of the same period last year. Enditem