Equity to buy four banks in renewed expansion appetiteEquity Bank Chief Executive James Mwangi says assets of four regional banks it wants to acquire from investment firm Atlas Mara will more than double its size in the markets and shield subsidiaries from risks. He said a 100 per cent stake in African Banking Corporation Zambia gives Equity a footing in copper trade while African Banking Corporation Mozambique will take the East African lender further south from its traditional markets. SEE ALSO :Mwangi: Banks not well placed to enforce CBK law on cash transaction“When there are risks they tend to affect smaller banks, even here in Kenya, but larger banks are barely touched. So in Tanzania we will get to double our size and triple our size in Rwanda,” Mwangi said during the bank’s annual general meeting in Nairobi yesterday. Equity has offered Atlas Mara Sh10 billion worth of shares in exchange for the banks', which will give the London-listed investment company a 6.27 per cent stake, or 252 million shares, in Equity but subject to due diligence of the banks value.

Source: Standard Digital April 30, 2019 21:05 UTC