The coronavirus pandemic has seemingly stalled various mergers and acquisitions in the financial sector that were to take place this year. Equity Bank had also been on an acquisition spree, although most of it has been of foreign banks. In October last year, CBK governor Patrick Njoroge had predicted the country will witness more mergers and acquisitions in the banking sector . In the last Financial Sector Stability report, the apex bank noted that mergers bore more fruit in terms of profit for the merged entity. The CBK latest weekly bulletin also noted that global financial markets have also remained volatile ,reflecting the growing concerns by investors about the intensity and duration of the coronavirus-induced global economic shock.

Source: The Star April 17, 2020 06:56 UTC