The lender secured the licence to begin operations in the country.
Sunday 16, June 2019 BY KUDAKWASHE MUZORIWA
Equity Group Holdings has opened a commercial representative office in Addis Ababa as the East African nation opens its financial sector.
The bank stated that it has appointed Hassan Maalim as the Head of the commercial representative office and the office is expected to be fully operational in July.
James Mwangi, Equity Group Holdings ‘CEO, said, “The bank’s entry into Ethiopia is part of our phase two expansion in pursuit of our aspiration of being a pan-African bank with a presence in 10 African countries by the end of the year.”
The bank’s entry into Ethiopia will enable the bank to continue to scale up and unlock economies of scale especially in this era of digitisation and virtualisation of banking, Mwangi said.
Equity Group is the second Kenyan bank to set up in Ethiopia after KCB Group opened a representative office in the capital, Addis Ababa.
The bank’s entry into the country will give the lender access to a combined 500 million people in the six markets it operates in including Uganda, Tanzania as well as Rwanda, South Sudan and the Democratic Republic of Congo.
The entry into Ethiopia follows the lender’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 as well as Zambia and Mozambique.