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  • you might think that this is no time for commercial banks to be making acquisitions.

  • But even though Kenya's equity group, like other banks, has seen profits take a hit, its chief executive James Wang G, is bullish about a recent purchase in the Democratic Republic of Congo.

  • This year, 40% of assets will be outside Kenya, reducing the sovereign risk truly becoming a regional bank.

  • In August, Equity Group completed the $105 million purchase of two thirds of the shares in bank commercial to Congo with a view to amalgamating DRC's oldest bank with its existing Equity Bank Congo subsidiary.

  • We think B.

  • C.

  • D.

  • C.

  • On equity combined together will be a $2.5 billion balance sheet by the end of this year, Marangi says.

  • That's put equities balance sheet on course for the one trillion mark by the end of the year.

  • One trillion Kenyan shillings that is or around $9 billion.

  • I'm really glad that we proved entry and conservatively fortified our balance sheet.

  • But the CEO also acknowledges that the banking sector faces a difficult future but undoubtedly will see the banks are going through lean times, maybe for the next two years, Marangi says.

  • Lock down measures have affected around 45% of equities customers.

  • The banks loan loss provisions grew 11 fold to 14.3 billion shillings in the first nine months of the year.

  • Over the same period, it saw a 20% drop in pretax profit to 19.8 billion shillings, or around 180 million U.

  • S.

  • Dollars.

you might think that this is no time for commercial banks to be making acquisitions.

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B1 equity balance sheet congo bank kenya sheet

Kenya's Equity Group eyes the trillion mark

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    林宜悉 posted on 2020/11/12
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