Equity Bank to Launch More Special Branches for Rich Kenyans Depositing a Minimum of Sh200,000

Equity Bank is set to launch new high-class branches targeting rich Kenyans depositing a minimum of Sh200,000 at a time.

The move will bring the number of such exclusive banking outlets to 20 from the current 16 across the country.

The lender's new plan aims at growing its deposits and loan book, with customers using this outlets required to make a minimum deposit of Sh200,000 to qualify for the service christened “supreme banking.”

Among special features of the high-class outlets include classy lounges and free wireless Internet. Other benefits to this group of customers include personal relationship with managers and a choice to operate their accounts in Kenyan Shilling or any of the global currency including the US dollar, British pound and Euro.

The bank also offers extended banking hours during weekdays and weekends for this category of customers.

“Equity Bank has embarked on a process to roll out supreme branches countrywide, as it sets its eyes on positioning the outlets as relationship management centres of excellence,” said Equity Group chief executive James Mwangi in a note to investors.

The current 16 supreme banking branches are spread in Nairobi, Mombasa, Eldoret and Kisumu. With the opening of more branches, Equity looks to topple its major competitors such as Barclays , Standard Chartered, CBA and CfC Stanbic .

Equity is the country's biggest lender by client numbers of more than 10 million customers.