Equity bank’s chief executive James Mwangi says the bank has been consolidating its position in Kenya after receiving a huge investment from Helios EB, and is now keen to explore other African markets.

Equity became Kenya’s biggest bank in terms of capitalisation after Helios EB invested $190.47-million pushing its capital to $333-million from $34.9-million in 2006.

In May, China gave the bank $4-million for loaning to small and medium enterprises, as Kenya became the first country in Africa to benefit from the $5-billion Chinese fund for the development of SMEs.

Equity has perfected the strategy of growth through mergers, acquisitions and greenfields.

Mwangi says the bank plans to venture into at least 10 countries in Africa in the next five years, and roll out into the COMESA region in ten years.

The bank that was registered in 1984 currently has 56% of the accounts in Kenya. Equity last week reported a 46% jump in pre-tax profits for half of 2010, with earnings standing at $46.9- million compared with $32.1-million for the same period in 2009.

Source: The EastAfrican