Equity Bank builds $227m war chest for Africa buyouts

Equity Bank has created 400 million shares with a current market value of Ksh20.9 billion ($226.9 million), boosting its war chest for acquisition of lenders across the continent through share swaps and private placement.

The bank will, at a shareholders’ meeting scheduled for Tuesday, seek approval for creation of an extra 411,419,668 shares that it sees as a key plank in its strategy of transforming into a Pan-African lender through rapid expansion across the continent.