(Ecofin Agency) - In a release published on June 13, 2019, Kenyan banking group Equity Bank announced that Ethiopia Central Bank has authorised it to open a representative office in the Horn of Africa
In the release, Equity Bank’s managing director James Mwangi (photo) indicated that by the end of 2019, his group would be present in ten African countries. The bank already has subsidiaries in Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo. In April 2019, it announced that it reached an agreement to acquire Atlas Mara’s equity in banks operating in Rwanda, Zambia, Mozambique and Tanzania.
Let’s note that in 2018, Equity Bank generated Ksh28.5 billion ($282.74 million) of pre-tax gain, up by 6% compared with the performance in 2017.