Equity applies brakes on expansion after Mara flop
Dr James Mwangi, Equity Group Chief Executive Officer. PHOTO | FILE | NMG
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 operations in the existing six markets, with the aim of transforming into a Ksh1 trillion ($10 billion) bank with 100 million customers.
