(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