– The bank unveiled a new brand identity which it said was in line with its ongoing journey of transformation and regional expansion
– To hit the desired asset size, the bank will have to lend out KSh 363 billion in the next 88 days, a feat that has never been achieved by any Kenyan lender
– Equity group loaned out KSh 63 billion for six months from January 2019
Kenya’s biggest banking group by customer numbers, Equity Group Holdings, has set itself an ambitious target of hitting KSh 1 trillion in assets in the next three months.
The banking group’s chief executive and managing director James Mwangi announced the ambitious target during a dinner attended by 5,000 guests at the Kenyatta International Convention Centre (KICC) held on the evening of October 2, 2019, to mark the group’s 35th anniversary.
Hitting the target would make Equity the biggest banking group in East and Central Africa.
“We will be a KSh 1 trillion strong bank by the end of the current financial year,” said Mwangi.
The evolution of our brand is an important part of our strategy for continued market leadership as well as being integral to the promise we made to all of our stakeholders when we began our journey of transformation to modernise and do all we can to get closer to and better serve our customers,” he added.
But the target is a tall order given the current financial position of the group and it will be interesting to see how it will be achieved.
Equity Group’s financial statements for the six months ending June 2019 and published in August 2019 showed it had an asset book of KSh 637 billion.
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To hit the desired asset size, the bank will have to lend out KSh 363 billion in the next 88 days, a feat that has never been achieved by any Kenyan lender.
A closer look at its financial statements for June 2019 shows that the banking group loaned out KSh 63 billion for six months from January.
This means that the banking group would have to loan out, in 87 days, five times more than it has in 180 days.
Mwangi noted the refreshed positioning follows an extensive three-year process of sounding out its current and future customer segments.
Story by Mike Njeri, TUKO.co.ke correspondent in Nairobi county.
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