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Equity Group crosses Sh1 trillion mark in value

NEWS
By Sara Okuoro | December 23rd 2020
Equity Group CEO Dr James Mwangi.

Equity is the first bank in East and Central Africa to achieve the trillion-shilling balance sheet milestone after migrating Banque Commercial Du Congo (BCDC) to its core banking platform.

The one trillion mark by Equity lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa and North Africa for project and development finance.

“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” said Equity Group CEO Dr James Mwangi.

“The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Sh142 billion giving it a single lending obligor of Sh35 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 it operates,” he added.

Equity will leverage the corporate banking history and experience of 112 years by BCDC to strengthen its corporate banking value proposition.

“We are excited at the possibilities that Equity Group Holdings brings to our BCDC customers. 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,” said Yves Cuypers, BCDC’s Managing Director.  

 

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