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Kenya: Equity Bank plans 20 new branches by 2020 to serve “most demanding” customers

Monday, 18 June 2018 18:31

(Ecofin Agency) - Equity Bank of Kenya announced it will open four new branches in Kenya, with the goal to expand the number to 20 by 2020. The new branches will focus on serving a clientele seeking specific financial services.

“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 Chief executive James Mwangi.

This announcement by the bank listed on Nairobi Securities Exchange contracts with the strategy adopted by several competing banks to reduce the number of branches and employees to cope with interest income crunch, following rates capping.

The bank’s leaders reported a net income of KSh5.9 billion ($58.34 million) for the first quarter of 2018, up 21.7% compared to the same period last year.

Chamberline Moko





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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