KCB Bank has overtaken Equity as Kenya’s largest lender by asset size due to aggressive expansion of foreign subsidiaries. KCB’s total assets reached KES 1.55 trillion, surpassing Equity’s KES 1.44 trillion. However, Equity outperformed KCB in profitability. The competition between the two banks intensifies as they focus on regional expansion and vie for dominance in the banking industry. KCB also leads in customer deposits, net customer loans, branch network, and employment in the sector.
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Kenya: Equity Bank to restructure portfolio it acquired from Spire Bank
Equity Bank has unveiled plans to restructure the Sh945 million loan book it has acquired from Spire Bank. Equity Group CEO James Mwangi said they are willing to enter into discussions on restructuring with the 3700 Spire Bank customers who have loans to allow them to settle their dues and retain their securities. The restructuring will allow the lender to match assets and liabilities acquired to offset customer obligations. The announcement comes after the completion of the bank’s acquisition of certain assets and liabilities of Spire Bank.
Categories: Banks