Equity Group Holdings (EGH) has halted its cross-border expansion bid after the failed acquisition of four banks in Rwanda, Zambia, Tanzania and Mozambique last week. Chief executive James Mwangi told The EastAfrican the lender which is listed on the Nairobi Securities Exchange (NSE) will now focus on "vertical" growth by consolidating and strengthening its business […]
covid -shutterstock – 2 Kenya-based Equity Bank has shelved the discussions to acquire the Africa banking businesses of Atlas Mara (ATMA) due to the impact of the Covid-19 pandemic. The proposed deal included the acquisition of ATMA’s banking businesses in Mozambique, Rwanda, Tanzania and Zambia. Under the agreement, Equity would fully own African Banking Corporation […]
Equity Bank’s Chief Executive Officer James Mwangi addresses investors at the Equity Bank headquarters in the Upper Hill district of Nairobi, Kenya November 12, 2019. REUTERS/Njeri Mwangi The Kenyan giant is renouncing the acquisition of African subsidiaries of the British headquartered bank Atlas Mara. A decision linked to Covid-19, but not entirely … Atlas Mara […]
Several banks have sought to raise extra capital in recent weeks to shore up their balance sheets following a difficult few months. As the COVID-19 pandemic has hit the US, banks have stepped up to increase support to individual and business customers. While US regulators have temporarily relaxed some capital requirements to help these efforts, […]
The top five gainers at the Nairobi Securities Exchange (NSE) on Tuesday were WPP ScanGroup, Sameer Africa, Olympia Capital, TPS Eastern Africa (Serena), and HF Group. WPP ScanGroup gained 26.29 percent at the price of 22.10 shillings per share followed by Sameer Africa with 9.51 percent at the price of 3.80 shillings per share. Olympia […]
Business The latest Brand Africa ranking also shows Kenya’s Equity Bank, KCB, Tusker and M-Pesa featuring in top spots Olympic Champion Eliud Kipchoge’s official sports partner Nike is the most admired brand in Africa. Other global brands Adidas, Samsung, Coca Cola, Techno, Apple, MTN, Puma, Gucci and Airtel dominated in that order in a list […]
EA Cables has been struggling to pay creditors, including banks. FILE PHOTO | NMG SBM Bank (Kenya) Limited has withdrawn a petition to liquidate East African Cables #ticker:CABL after the two reached a debt settlement and restructure agreement. SBM Bank in January this year filed a petition to liquidate the loss making company after it […]
East Africa’s listed banks have reported either flat or reduced profit for the first three months ended March 31, setting the pace for a year of subdued performance as the Covid-19 pandemic stifles economic activity. The banks’ first quarter performance shows both interest and non-interest income came under immense pressure, as loan loss provisions increased […]
East Africa’s listed banks have reported either flat or reduced profit for the first three months ended March 31, setting the pace for a year of subdued performance as the Covid-19 pandemic stifles economic activity. The banks’ first quarter performance shows both interest and non-interest income came under immense pressure, as loan loss provisions increased […]
ROUND THE CLOCK: While President Uhuru Kenyatta and some government health experts are reluctant to go the whole hog, university don X.N. Iraki thinks the most effective way to fight Covid-19 is to open the economy 24 hours. Says he: “The best way is to shift to 24-hour economy to disperse the crowds. Have people […]
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