Equity Group Holdings, Kenya’s largest lender, plans to expand its footprint and capitalise on the growing opportunities in the Middle East, following shareholders’ approval at its 21st Annual General Meeting (AGM) to establish a Representative Office in the United Arab Emirates (UAE).
Subject to regulatory approvals, the new office aims to facilitate business, trade and investment opportunities between East and Central Africa, the UAE, and the wider Middle East, India, Central and South Asia regions.
Equity Group Holding is the largest financial services conglomerate in East and Central Africa. As of December 2024, it had assets exceeding US$13.9 billion and served over 21.6 million customers across seven African countries, with deposits exceeding US$10.8 billion.
Prof Isaac Macharia, Chairman of Equity Group Holdings, said: “The establishment of a Representative Office in the UAE marks a strategic step in deepening regional and global connectivity.”
Equity will join African rivals including Absa Group, Standard Bank Group and United Bank for Africa, which are either expanding into or already operating in the Middle East.
Dr James Mwangi, Equity Group Managing Director and CEO, added: “Equity Group continues on a strong growth trajectory, driven by our commitment to innovation, regional expansion, and sustainable practices. The establishment of a Representative Office in the UAE marks an exciting step in our journey to connect Africa with global markets, creating new opportunities for trade and investment.”
In an interview with Bloomberg TV, Mwangi added: “The Middle East has deep capital sources, very strong logistics for trade and it is a strong center for investment. Linkage with the middle-income segment is growing in India and China. That will provide a very strong market wave for African goods and services.”
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