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Arabian Business
18-07-2025
- Business
- Arabian Business
Kenya's Equity Group to open representative office in the UAE
Equity Group Holdings, Kenya's largest lender, plans to expand its footprint and capitalise on the growing opportunities in the Middle East, following shareholders' approval at its 21st Annual General Meeting (AGM) to establish a Representative Office in the United Arab Emirates (UAE). Subject to regulatory approvals, the new office aims to facilitate business, trade and investment opportunities between East and Central Africa, the UAE, and the wider Middle East, India, Central and South Asia regions. Equity Group Holding is the largest financial services conglomerate in East and Central Africa. As of December 2024, it had assets exceeding US$13.9 billion and served over 21.6 million customers across seven African countries, with deposits exceeding US$10.8 billion. Prof Isaac Macharia, Chairman of Equity Group Holdings, said: 'The establishment of a Representative Office in the UAE marks a strategic step in deepening regional and global connectivity.' Equity will join African rivals including Absa Group, Standard Bank Group and United Bank for Africa, which are either expanding into or already operating in the Middle East. Dr James Mwangi, Equity Group Managing Director and CEO, added: 'Equity Group continues on a strong growth trajectory, driven by our commitment to innovation, regional expansion, and sustainable practices. The establishment of a Representative Office in the UAE marks an exciting step in our journey to connect Africa with global markets, creating new opportunities for trade and investment.' In an interview with Bloomberg TV, Mwangi added: 'The Middle East has deep capital sources, very strong logistics for trade and it is a strong center for investment. Linkage with the middle-income segment is growing in India and China. That will provide a very strong market wave for African goods and services.'
Zawya
26-06-2025
- Business
- Zawya
Equity gets shareholders' nod to open office in UAE
Equity Bank Group's shareholders have approved its plans to open a representative office in the United Arab Emirates (UAE), moving it closer to its first expansion beyond Africa in growth drive. Awaiting regulatory approval by the Central Bank of Kenya and the Emirati regulator, the representative office will enable Equity Bank to fund Kenyan and East African firms and investors with business interests in the Emirates and even for foreign traders, expanding its market base and customer portfolio. A representative officer is a physical presence for a bank in a foreign country that serves as a marketing and liaison point but is not allowed to conduct banking business such as deposit-taking or lending for local banking customers. The bank said the expansion into the Gulf nation is meant to enable it 'to facilitate business, trade and investment opportunities between East and Central Africa, the UAE, and the wider Middle East, India, Central and South Asia regions.''The establishment of a representative office in the UAE marks a strategic step in deepening regional and global connectivity. With our shareholders' continued trust, we are confident in our ability to drive meaningful transformation, sustainable development, and long-term value creation across the continent,' said Equity Group Chairman Isaac Macharia. Equity Bank will be the first Kenyan lender with a representative office in the Middle East, marking a major milestone for the country's financial industry. Currently, Equity has a representative office in Addis Ababa. The lender's shareholders also approved the proposed dividend of Sh4.25 per share, paving the way for the payment of Sh16 billion in dividends by the end of June. They also elected six new members of the board of directors – Faridah Khambata, Nick O'Donohoe, Aloysius Uche Ordu, Obadiah Barara, Lakshmi Shyam-Sunder, and David Mutombo.→ vogweno@ © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
