Equity Bank Makes History After Crossing Sh1 Trillion Mark in Value
Kenya’s Equity Group has made history by becoming the first bank in Eastern and Central Africa to pass the Sh1 trillion balance sheet mark.
The milestone was achieved following the successful migration of DR Congo’s Banque Commerciale Du Congo (BCDC) to Equity’s core banking platform.
Equity has brought BCDC's systems into its core banking business after it acquired a majority stake in the Congolese lender in August for $95 million (Sh10.2 billion) as part of a Pan-African expansion drive.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” Equity Group CEO Dr. James Mwangi said during the migration in Kinshasa on Wednesday.
He added: “The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh142 billion. Equity banking subsidiaries will now be in a position to leverage the Group’s strength to extend large corporate loans across all the countries where Equity operates.”
Mwangi said BCDB’s 112 years of corporate banking experience will play a major role in strengthening Equity’s supreme banking experience.
On his part, BCDB managing-director Yves Cuypers, said: “We are excited at the possibilities that Equity Group Holdings brings to our BCDC customers.”
He added: “By becoming part of a large international financial services Group, our customers will enjoy a wider choice of products and services and most importantly, they will immediately be able to access modern technologically driven banking, including a versatile mobile banking experience, international card payment options, and merchants, access to a wide range of payment outlets and a broad digital banking footprint.”
Comments (10)
The Biggest problem: The Bank does not Appreciate its Employees. It reats them Employees with Disdain; like Paupers.
Capitalism at its best! Its just like a miracle. How do banks make money out of nothing? Banks do not create anything. They don't produce or manufacture anything,( well, I know they lend people money but that's not banks money in the first place), they just collect fees, penalties, interests and many other creative rip offs charges on their customers, and punde si punde, they got a trillion shillings stashed in a bag.
Money is created thru debt. No debt no money. Banks are a world sys. The system of the devil. A bank is just a bldg with a system
Every employer treats their employees that way. Why aren't the employees leaving to that good company which will treat them well?
Some leave; for County jobs or Private businesses like Mpesa.
Some leave; for County jobs or Private businesses like Mpesa.
Equity has too many charges.
Capitalism at it's best.
Equity bank capitalized on where KCB, NATIONAL BANK; ETC failed.
CONGRATULATIONS.
Banks have zero money. Its all typed in the computer based on deposits and loans.
1 Trillion? In:
Monthly fees
Late fees
Penalties
Non- sufficient fund fees
Early withdrawal fees
Too many withdrawal fees
Too many deposits fees
Too many transfer fees
Few deposit fees
All manner of fees from Wanjiku make 1 trillion.