Equity plans to become a Pan African Bank with presence in 10 African countries by the end of the year.
Equity Bank has set up a Commercial Representative Office in Addis Ababa, Ethiopia as it prepares to commence operations.
“Having completed phase one of our expansion, the entry into Ethiopia is part of our phase two expansion in pursuit of our aspiration of being a Pan African Bank with presence in 10 African countries by the end of the year,’’Equity Group CEO James Mwangi said
He added that this will enable the bank to continue to scale up and unlock economies of scale especially in this era of digitization and virtualization of banking.
The entry of Equity Bank into Ethiopia a country with a population of nearly 100 million people, follows Ethiopia’s government appointment of a privatization commission and the ongoing reforms which are aimed at promoting a growing private sector.
The entry into Ethiopia comes soon after Equity Group announced the Bank’s entry into Zambia and Mozambique after striking a preliminary agreement with Atlas Mara Limited to exchange ordinary shares in the Group for controlling equity stakes in four banks operating in Rwanda, Tanzania, Zambia and Mozambique.
With the addition of Ethiopia, the Bank will now have operations in a regional market with a combined population of nearly 500 million people, including Kenya, Uganda, Tanzania, Rwanda, South Sudan and DRC.
The bank has appointed Hassan Maalim as the head of the commercial representative office which will be based at Kazanchis-Addis Ababa Ethiopia and is expected to be fully operational in July this year.
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