DOCSLIB.ORG

Equity Bank Ceo Is the Ernst & Young World Entrepreneur of the Year 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Equity Bank Ceo Is the Ernst & Young World Entrepreneur of the Year 2012 equity News 1 IN THIS ISSUE EQUITY EQUITY BANK EQUITY JOURNEY OF SCHOLAR WINS ENTREPRENEURS’ SUCCESS - PICTORIAL ENTREPRENEUR’S STORIES AWARD FROM PAGE 5 CENTRE SPREAD PAGE 15 SEPTEMBER 2012 EquityA QUARTERLY NEWS PUBLICATIONNews OF EQUITY BANK www.equitybankgroup.com NOT FOR SALE Issue 05 LET AFRICA ARISE! See story pg. 2 Equity Bank CEO is the Ernst & Young World Entrepreneur Of The Year 2012 2 equity News Equity Bank CEO is the Ernst Dr. James Mwangi’s Achievements Dr. James Mwangi serves as the Chairman of Kenya’s Vision 2030 Delivery Board- the blue print to transform Kenya to & Young World Entrepreneur a middle income economy by 2030. He was honoured by His Excellency the President of Kenya Hon. Mwai Kibaki with the CBS (Chief of the Order of the Burning Spear) for of the Year 2012 his contribution towards economic development. In 2011, From pg. 1 Dr. Mwangi’s name was entered in the list of Kenyan heroes Dr. James Mwangi, CEO and Managing and legends during the Mashujaa Day celebrations. Director of Equity Bank is the Ernst Dr. Mwangi has received four honourary doctorate degrees & Young World Entrepreneur Of The for his contribution to humanity, entrepreneurship and Year 2012. At a colourful ceremony economic development. In 2012, he was voted by his peers held in Monte Carlo, Monaco, Dr. in banking for the Lifetime Achievement in Banking during Mwangi was picked from among the the 2012 Think Business Banking Awards. He is also Forbes 59 country finalists shortlisted for East African Business Leader of The Year 2012. In 2009, he the title across 51 countries, each of was named Africa CEO of the Year at the Africa Investor whom had already been named the Awards, while the African Banker named him African Ernst & Young Entrepreneur Of The Banker of the year in 2010 and 2011. In 2011, Dr. Mwangi Year in their home country. Dr. Mwangi won the inaugural African Leader of the Year award becomes the first business leader presented by the African Leadership Network. In 2011, from Sub Saharan Africa to win this Forbes named Dr. Mwangi among the 20 most influential prestigious award. He was also among people in African business. the finalists who were inducted into Globally, Dr. Mwangi’s work has drawn recognition. He the Entrepreneur Of The Year Hall of serves at the Global Advisory Council of VISA Inc. and Fame and the World Entrepreneurship Dr. Mwangi (R) celebrates the award with (L) John Ferraro, Global COO is also a member of the Clinton Global Initiative. He is a Academy. of Ernst & Young holder of the Global Vision Award won in 2007 alongside Ruben Vardanian, President, Troika social - economically is seen through Dr. Mwangi has led Equity Bank to Nobel Laureate Prof. Mohammed Yunus of Grameen Dialog Russia and Chair of the judging the transformational story of Equity constantly balance social good and Bank during which they were cited as “Initiators of the panel said, “Not only has James really Bank. Through a constant focus on economic good through exemplary concept of the future that will shape the world economy”. transformed people’s lives across exceptional customer experience, performance. Through Equity The Financial Times named Dr. Mwangi among the top 50 Africa by offering them access to relationship banking, capacity Group Foundation (EGF), the Bank emerging world thought leaders. funding that they have never had building among staff and an effective implements high impact social Dr. Mwangi also serves on the UN Advisory Groups on before, Equity Bank continues to grow governance structure, he has led the programs which are sustainable, Inclusive Finance as well as on Global Sustainability. He quickly through a strong financial Bank from a technically insolvent scalable and have the ability to serves as an external advisor on inclusive finance in the Bill performance.” building society with an asset base address social needs with commercial and Melinda Gates Foundation and is also a member of the Jim Turley, Global Chairman and CEO of Ksh28 million in 1993 to become solutions. By leveraging on the Equity G20 Advisory Board on Agriculture. He is a Certified Retail of Ernst & Young, said, “Over the a leading all inclusive commercial Bank infrastructure, EGF ensures a Banker and was admitted to the honourary membership past 26 years, entrepreneurs have bank with an asset base of over high return on social investments in of the International Academy of Retail Banking and also done more than any other group to Ksh220 billion and listed in Nairobi key thematic areas which include serves as a member of the World Economic Council. He is a stimulate innovation, job creation Securities Exchange and Uganda education, financial education, guest lecturer in Stanford University, Columbia University, and prosperity during both periods of Securities Exchange. The Bank has entrepreneurship, agriculture, the Massachusetts Institute of Technology (MIT) and Lagos growth and in challenging economic a regional presence in five countries innovation, health as well as Business School where the Equity Bank business model is a conditions. James epitomizes the and a pan-African expansion environmental management. case study. In 2012, Dr. Mwangi was appointed to serve in vision and determination that set strategy. Since listing in 2006, Equity Among the social programs by two global councils; the G8 New Alliance for Food Security entrepreneurs apart and is very worthy Bank’s shareholder value has grown EGF is the Wings to Fly program, and Nutrition and the Global Agenda Council on New of the title Ernst & Young World 900% creating immense wealth for a Ksh10 billion scholarship fund Models of Economic Thinking 2012. He Entrepreneur Of The Year 2012.” shareholders. From a customer base of targeting 10,000 academically gifted was also named by Africa Investor as In describing Dr. Mwangi as an 27,000 in 1993, the Bank is now home children from financially challenged Africa’s Innovation Leader-of-the-Year exceptional entrepreneur, Gitahi to over 8 million accounts accounting backgrounds with a comprehensive 2012. Gachahi, the Chairman& CEO, Ernst for nearly 50 percent of all bank secondary school scholarship and & Young Eastern Africa said, “Equity accounts in Kenya, and is the largest leadership program. The program is Bank is a study in good corporate bank by customer base in Africa with a partnership with The MasterCard citizenship. By giving all stake holders a focus at the base of the pyramid. Foundation and has also received a compelling value proposition; they Returns have grown from a loss of Ksh5 financial support from UKAID, USAID feel that the bank represents their million in 1993 to a profit of Ksh12.8 and KFW of Germany. Through hopes and aspirations. Dr. Mwangi billion in 2011 making Equity Bank one Equity Bank’s University Sponsorship has redefined the risk profile of of the most profitable companies in program that benefits the top boy borrowers and depositors. Through his East Africa with a compounded annual and top girl student in each district Equity Bank Accolades unique model, he has made a strong growth rate of 78% for the last ten where the Bank operates, 1290 Dr. James Mwangi has led Equity Bank to receive numerous local and statement that with exceptional client years five of which have been ravaged scholars have so far benefited with global awards and accolades including: service and visionary leadership, by global financial crisis. The Bank has over 69 of the beneficiaries currently 2012 companies can create wealth even as been growing ten-fold every five years pursuing education in world leading • Best Managed Company in Africa in banking and finance sector - Euromoney they address social needs.” for the last twenty years. universities including Ivy League • Most Innovative Bank - African Banker When receiving the award, Dr. Mwangi Equity Bank is currently ranked 34th in schools in USA. EGF in partnership 2011 said, “This is a global recognition for market capitalization in Africa. Equity with The MasterCard Foundation • New Sustainability Champions redefining the future of growth - Africans who are embracing the power Bank Group has evolved to become a is implementing a financial literacy World Economic Forum of entrepreneurship to change the diversified financial services provider program in Kenya targeting one million • Africa’s Best Initiative in support of SMEs and the Millennium economic and social state of Africa.” offering a full range of personal women and young entrepreneurs at Development Goals - Africa Investor Awards Dr. Mwangi’s story of entrepreneurship and corporate banking as well as a cost of Ksh1 billion out of whom • Best Bank in Kenya – Euromoney is as amazing as it is inspirational. investment banking, mortgages, 400,000 have already completed the 2010 He was brought up by his widowed custodial services and insurance. 12 week training. Out of this program, • Best performing Ai40 Company of the year in Africa - Africa Investor mother who was a small scale farmer. From a staff complement of 27, Equity 10,000 entrepreneurs will be selected 2009 He had to fend for himself at an early Bank now has nearly 7000 employees to undergo an acceleration program in • Emerging Markets Most Sustainable Bank in Africa and Middle East age by selling charcoal, fruits and milk in tandem with the institutional entrepreneurship. - IFC & Financial Times to raise money for his school fees. This growth and expansion. Its innovative Previous winners of the Ernst & Young • Best performing Ai100 Company in Africa- Africa Investor background helped to nurture in him and inclusive business model has World Entrepreneur of the Year have • Microfinance Bank of the Year - African Banker Awards a determination to solve the African demonstrated the capability to evolve come from Singapore, India, Germany, • African Business of the Year - Commonwealth Business Council paradox of a continent endowed with sub models such as agency banking, Italy, the Philippines, the United States, 2008 resources, human capital and yet which is nurturing entrepreneurs, Canada, Switzerland, China, the • Best Bank in Kenya – Euromoney weighed down by abject poverty.
Load more

Recommended publications
  • List of Participants As of 30 April 2013
    World Economic Forum on Africa List of Participants As of 30 April 2013 Addis Ababa, Ethiopia, 9-11 May 2012 Messumbe Stanly Paralegal The ABENG Law Firm Cameroon Abane Yilkal Abate Secretary-General ICT Association of Ethiopia Ethiopia Zein Abdalla Chief Executive Officer PepsiCo Europe Switzerland Amin Abdulkader Minister of Culture and Tourism of Ethiopia Rakeb Abebe Chief Executive Officer and Founder GAWT International Business Ethiopia Plc Olufemi Adeyemo Group Chief Financial Officer Oando Plc Nigeria Tedros Adhanom Minister of Health of Ethiopia Ghebreyesus Tedros Adhanom Minister of Health of Ethiopia Ghebreyesus Olusegun Aganga Minister of Industry, Trade and Investment of Nigeria Alfredo Agapiti President Tecnoservice Srl Italy Pranay Agarwal Principal Adviser, Corporate Finance MSP Steel & Power Ltd India and Strategy Vishal Agarwal Head, sub-Saharan Africa Deals and PwC Kenya Project Finance Pascal K. Agboyibor Managing Partner Orrick Herrington & Sutcliffe France Manish Agrawal Director MSP Steel & Power Ltd India Deborah Ahenkorah Co-Founder and Executive Director The Golden Baobab Prize Ghana Halima Ahmed Political Activist and Candidate for The Youth Rehabilitation Somalia Member of Parliament Center Sofian Ahmed Minister of Finance and Economic Development of Ethiopia Dotun Ajayi Special Representative to the United African Business Roundtable Nigeria Nations and Regional Manager, West Africa Abi Ajayi Vice-President, Sub-Saharan Africa Bank of America Merrill Lynch United Kingdom Coverage and Origination Clare Akamanzi Chief Operating Officer Rwanda Development Board Rwanda (RDB) Satohiro Akimoto General Manager, Global Intelligence, Mitsubishi Corporation Japan Global Strategy and Business Development Adetokunbo Ayodele Head, Investor Relations Oando Plc Nigeria Akindele Kemi Lala Akindoju Facilitator Lufodo Academy of Nigeria Performing Arts (LAPA) World Economic Forum on Africa 1/23 Olanrewaju Akinola Editor This is Africa, Financial Times United Kingdom Vikram K.
    [Show full text]
  • Competitive Strategies and Performance of Equity Bank in Kenya
    COMPETITIVE STRATEGIES AND PERFORMANCE OF EQUITY BANK IN KENYA NYAGA ANDREW IRERI A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION SCHOOL OF BUSINESS UNIVERSITY OF NAIROBI MAY, 2016 DECLARATION This research project is my original work and has not been presented for examination in any other university. Signature...................................... Date......................................... NYAGA ANDREW IRERI (D61/72455/2014) This research project has been submitted for examination with my approval as the University Supervisor. Signature...................................... Date......................................... DR. JOHN YABS SENIOR LECTURER DEPARTMENT OF BUSINESS ADMINISTRATION SCHOOL OF BUSINESS UNIVERSITY OF NAIROBI ii ACKNOWLEDGEMENT I thank the almighty God for seeing me through my entire Master‟s Degree course. Indeed God‟s providence and unfailing mercy have made this possible. I wish to acknowledge the University of Nairobi for the support accorded to me during the entire course. I am indeed grateful to my supervisor, my moderator and lecturers for the support, encouragement, guidance and constructive criticism which I was able to complete my project. I thank all the respondents who spend their precious time and participated in the research and answered my questions in the interview guide. iii DEDICATION This project is dedicated to parents who inspired me to acquire my academic potential and supporting me throughout my MBA. I highly cherish your love, encouragement, support, and guidance throughout all these years. May the Almighty God bless you. iv ABSTRACT Modern banking sector operates in a dynamic and turbulent environment faced with variety of challenges brought about by competition in the sector.
    [Show full text]
  • FOR RELEASE: Dr. James Mwangi Joins Global Ceos in Signing a Commitment to Champion a Cross-Sector Collaboration for a Purpose–First Economy
    FOR RELEASE: Dr. James Mwangi joins Global CEOs in signing a commitment to champion a cross-sector collaboration for a Purpose–First Economy • Pledges to be a champion of creating an inclusive and sustainable economy that leaves no one behind • Advocates for broadening economic recovery and development strategies in order to catalyze the power of purpose–first businesses • Calls on governments and businesses to accelerate a transition towards an inclusive, resilient, sustainable economy with purpose-first at its center. September 23rd, 2020, Nairobi: Dr. James Mwangi has joined a league of 14 global CEOs who have committed to champion cross–sector collaboration in the creation of a purpose-first economy. In a global call to action, the letter signed by the signatories outlines their vision for a new global economy that is more equal, inclusive and sustainable; an economy that is more resilient in the face of pandemics, climate change and many other global challenges that the world is facing. The CEOs’ open letter has been endorsed by the UN Secretary General António Guterres, UNICEF Executive Director Henrietta Fore, and OECD Development Co-operation Director Jorge Moreira da Silva, among others. Dr. Mwangi joined the CEOs of Mastercard, Fortune Media, Mahindra, Interface, Voyager, Danone, DSM, Philips, L’Oréal, International Chamber of Commerce, Ketchum PR, Natura & Co. and Beiersdorf in calling on businesses, governments and development actors to join them in accelerating the transition towards an inclusive, resilient, sustainable economy that recognizes and enables purpose-first businesses to thrive. “Rather than ’build it back’, we are choosing to ’build it better’,” states the joint signatories in the commitment letter.
    [Show full text]
  • Celebrating Entrepreneurs
    Option 4 (Recommended) IN THIS ISSUE equity News 1 EQUITY SCHOLAR DESIGNER EQUITY BANK BAGS YOUNG WINS ‘VIJANA HAS COME A ENTREPRENEUR’S NA EQUITY’ LONG WAY AWARD PRIZE RATIONALE This logo uses ticks to form the ‘K’ in Kenya and to represent the approved choice of Kenya as a destination. They also appear as arrows, which illustrate the coming together of the pillars that drive this nation forward; investment and the economy, entrepreneurship and innovation, tourism, cohesion and celebration, security and democracy. These depict the forward movement and progress of a nation.. With the two arrows pointing in dierent directions, they evoke the PAGE 3 PAGE 5 PAGE 8 sense of versatility in Kenya’s opportunities, and bring together both the internal and external factors that contribute to our growth. The colours used are from the Kenyan flag; the green denoting a land that is ripe with opportunity, and the red denoting the passion of a people that are the foundation of its success. JULY 2015 EquityA QUARTERLY NEWS PUBLICATIONNews OF EQUITY BANK NOT FOR SALE Issue 10 LET AFRICA ARISE! C elebrating Entrepreneurs Simon Gicharu Equity Bank CEO Dr James Mwangi holds aloft the Ernst & Young World Entrepreneur Of The Year 2012 trophy soon after receiving it in Monaco. Story on Page 2 George Wachiuri Lizzie Wanyoike Dharminder Singh Banice Gatheka Gedion Kyalo Suzanna Owiyo American Express® Cards welcome in Kenya Your Card is welcome everywhere you see the American Express® or Equity Bank Logo. American Express is a trademark of American Express. Jambo! Equity Bank (Kenya) Ltd is regulated by the Central Bank of Kenya.
    [Show full text]
  • Public Announcement
    PUBLIC ANNOUNCEMENT Equity Group Holdings Plc Company Number C.4/2005 Equity Centre, 9th Floor, Hospital Road, Upper Hill P.O. Box 75104-00200 Nairobi, Kenya The Capital Markets Act, Chapter 485A of the Laws of Kenya The Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 UPDATE ON PROPOSED TRANSACTION FOR THE ACQUISITION OF BANKING BUSINESSES IN RWANDA, TANZANIA, ZAMBIA AND MOZAMBIQUE BY EQUITY GROUP HOLDINGS PLC (“EGH”) On 29 April 2019, EGH announced that it had entered into a binding term sheet (the Binding Term Sheet) pursuant to which EGH had agreed to exchange certain banking assets of Atlas Mara Limited (ATMA) in four countries for shares in EGH as follows: (i) 62% of the share capital of Banque Populaire du Rwanda Plc (BPR); (ii) 100% of the share capital of African Banking Corporation Zambia Limited (ABCZam); (iii) 100% of the share capital of African Banking Corporation Tanzania Ltd (ABCTz); and (iv) 100% of the share capital of African Banking Corporation (Moçambique), SA (ABCMoz) (the Proposed Transaction). The announcement stated that the Proposed Transaction was subject to completion of confirmatory due diligence, the entering of detailed transaction agreements and obtaining regulatory and shareholder approvals. By way of update, EGH hereby confirms that, as of the date of this announcement, the parties have yet to sign detailed transaction agreements and the Binding Term Sheet has expired. However, EGH and ATMA expect to continue further discussions in early-2020 to try to reach mutually acceptable commercial terms with respect to the Proposed Transaction, or a variant of it. There is currently no certainty that a transaction will materialise.
    [Show full text]
  • From Humble Beginnings to Market Leader
    FROM HUMBLE BEGINNINGS TO MARKET LEADER Our Entrepreneurial Journey EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. Copyright 2018 1 Equity Group Holdings Plc Headquarters Equity Centre, Upperhill, Nairobi 2 EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. EQUITY GROUP’S PHILOSOPHIES EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. 1 STRONG GOVERNANCE AND LEADERSHIP STRUCTURE 2 EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. GROUP BOARD OF DIRECTORS PETER MUNGA DAVID R. ANSELL NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE VICE-CHAIRMAN JAMES MWANGI ISAAC MUTHURE MACHARIA HELEN GICHOHI MANAGING DIRECTOR & NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR CHIEF EXECUTIVE OFFICER DENNIS ALUANGA EVELYN KAMAGAJU RUTAGWENDA DEEPAK MALIK NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR VIJAY GIDOOMAL MARY WAMAE NON-EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA. 3 GROUP EXECUTIVE MANAGEMENT JAMES MWANGI, CBS BHARTESH SHAH MARY WAMAE MANAGING DIRECTOR & CHIEF OPERATIONS DIRECTOR OF CORPORATE CHIEF EXECUTIVE OFFICER OFFICER STRATEGY AND COMPANY SECRETARY BRENT MALAHAY GROUP DIRECTOR, JAMES MUTUKU GERALD WARUI STRATEGIC PARTNERSHIPS, DIRECTOR, TREASURY DIRECTOR, OPERATIONS COLLABORATIONS & INVESTOR & CUSTOMER EXPERIENCE RELATIONS ANTHONY KITUUKA CELESTIN MUKEBA MUNTUABU PHILIP SIGWART EXECUTIVE DIRECTOR MANAGING DIRECTOR, EXECUTIVE DIRECTOR, EQUITY BANK UGANDA PROCREDIT BANK (DRC) PROCREDIT BANK (DRC) JACK NGARE ERIC GIKONYO KAROBIA MANAGING DIRECTOR, EXECUTIVE DIRECTOR FINSERVE AFRICA FINSERVE AFRICA 4 EQUITY BANK KENYA LIMITED IS REGULATED BY THE CENTRAL BANK OF KENYA.
    [Show full text]
  • Equity Contact Centre 0711-025000 Talk to Us, Usiku Na Mchana 0734-180000 [email protected] 2 Equity News MESSAGE from the TEAM LEADER
    SEPTEMBER 2011 Equity News A QUARTERLY NEWS PUBLICATION OF EQUITY BANK www.equitybank.co.ke NOT FOR SALE Issue 03 INSIDE... Talent hunt from Diaspora Pg 3 Scholars admitted to world class varsities Pg 7 Half year results Pg 10 Equity Agency is launched Pg 11 youth and women, as the key driver for achieving broad- based economic growth and poverty reduction in our nation,” he said. The Chairman of Equity Group Foundation Dr. James EQUITY LAUNCHES Mwangi said the program has made a deliberate effort to target the youth. “75% of Kenya’s population is in the 18 to 35 years age bracket. This is the segment of our population that is FINANCIAL EDUCATION most affected by economic challenges such as unemployment and lack adequate business management skills”, said Mwangi. 1 Million Kenyans to get free financial training In the 12-week financial education program, participants learn basic concepts and gain vital understanding of how to program to offer free training to one million over the country, donning graduation gowns received their manage their finances. youth and women is ongoing across the country certificates having successfully undertaken their financial President and CEO of The MasterCard Foundation thanks to a partnership between Equity Bank, training. The testimonies of the graduates on the impact of Reeta Roy said the program will enable youth and women Equity Group Foundation and The MasterCard the training on their lives was a strong indication of how lack micro-entrepreneurs to access financial services and create Foundation.A The program, known as Financial Knowledge of financial literacy has for a long time contributed to financial economic opportunities for themselves.
    [Show full text]
  • Annual Report & Financial Statements
    BRITISH-AMERICAN2014 INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 I AM READY TABLE OF CONTENTS Corporate Information 7 - 11 Who we are 12 - 13 Directors’ Report 14 Statement of Directors’ Responsibilities 15 Five Year Financial Review 16 - 18 Chairman’s Statement 20 - 22 Director of Insurance Business & 23 - 25 Managing Director’s statement Board of Directors 26 Management team 27 4 Statement of Corporate Governance 28 - 34 Risk Management Report 35 Corporate Social Responsibility 36 - 42 Report of the Consulting Actuary 44 Embedded Value 45 - 49 Independent auditors’ report 50 Financial Statements 51 Statement of profit or loss 51 Statement of comprehensive income 52 Statement of financial position 53 - 55 Statement of changes in equity 56 - 58 Statement of cash flows 59 Notes to the financial statements 60 - 114 Short- Term Insurance Business Revenue 115 Account Long-Term Insurance Business Revenue 116 Account 5 Britam Tower 6 I AM READY BRITISH-AMERICAN INSURANCE COMPANY (KENYA) LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS 2014 CORPORATE INFORMATION Directors Registered Office Peter K. Munga Chairman Britam Centre Dr. Benson I. Wairegi Group Managing Director Mara-Ragati road junction- Upper hill Stephen O. Wandera Director of Insurance Business P.O. Box 30375-00100 and Managing Director Nairobi Francis K. Muthaura Non- executive Dr. James N. Mwangi Non- executive Auditors Nduva Muli Non- executive Deloitte & Touche Tarun Ghulati Non- executive – Resigned Certified Public Accountants (Kenya) on 18 March 2015 Deloitte Place, Waiyaki Way, Muthangari Agnes N. Adhiambo Non- executive P.O.
    [Show full text]
  • ANNUAL REPORT and FINANCIAL STATEMENTS 2012 Equity Bank Group Headquarters, Nairobi
    ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 Equity Bank Group Headquarters, Nairobi. EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 FOR THE YEAR ENDED 31 DECEMBER 2012 Corporate Philosophies Equity Bank was founded as Equity Building Society (EBS) 2. Customer service as a key differentiator and ; in October 1984 and was originally a provider of mortgage 3. Robust risk management practices. financing for the majority of customers who fell into the low income population. The society’s logo, a modest house Undoubtedly the business model has been a huge success with a brown roof, resonates with its target market and prompting the development of a regional diversification their determination to make small but steady gains toward strategy. The model has already been replicated in Uganda, a better life, seeking security and advancement of their South Sudan, Rwanda and Tanzania by establishment of dreams. The vast majority of Africans have historically wholly owned subsidiaries. Equity’s longer term dream is been excluded from formal sources of capital, such as to become a Pan- African bank. banks, building societies and other regulated financial institutions. They therefore knew little about these resources, which makes financial literacy and education strategically important to Equity Bank’s growth. Also due OUR PURPOSE to its rural banking orientation, promotion of agribusiness We exist to transform the lives and livelihoods of our is a significant and strategic intervention by Equity. people socially and economically by availing them Having been declared technically insolvent in 1993, Equity’s modern, inclusive financial services that maximize their transformation into a rapidly growing retail/ microfinance opportunities.
    [Show full text]
  • The Transformation of Equity Bank
    OB--- April 2009 The Transformation of Equity Bank “There was a time when our colleagues in the industry ignored us during marketing drives. Equity was not even on the programme of events. If we were lucky, we were asked to greet the people at the end of the meeting. We were snubbed because they considered us a village bank. The humiliation our marketing teams suffered brought us closer together. We kept our focus on our customers; how to serve them better and how to retain them… Today, we are one of the top three banks in Kenya. Many of our customers consider themselves members of the Bank. They make suggestions to us and they introduce their friends and relatives to the Bank.” - Equity Bank branch manager Equity Bank had indeed been transformed from a moribund building society with total losses of over KSh 33 million and a non-performing loan portfolio of 54% in 1993, into one of the leading banks in the country. In 2008, Equity Bank was ranked the No. 1 Bank in the Banking Survey by Think Business. It won the Euromoney award for the Best Bank in Kenya in 2007 and 2008. At the Africa Investor Award ceremony held at the New York Stock Exchange in September 2008, Equity Bank was named the best performing public listed company in Africa. The list of awards won by the Bank was long and impressive. Instead of celebrating the bank’s successes however, the main architect of the transformation, James Mwangi, was thinking of the challenges ahead. He wondered if the Bank could continue to meet the expectations of its customers in the homesteads all over the country and in the towns.
    [Show full text]
  • Market Achievements History
    MARKET Global Local Currency Deposit Ratings is at the • MasterCard Foundation became a partner in Equity Group Holdings Plc was founded in 1984 level of sovereigns, the National Deposit Ratings Equity Group Foundation as Equity Building Society (EBS). The Vision of is at Aa1.ke/KE-1 while Global Credit Rating has 2008 the Group is to Champion the Social Economic maintained Equity’s investment grade at AA- on long • Entry to Uganda via acquisition of UML Prosperity of the People of Africa. Its mission is to term and A1+ short term with a stable outlook. 2007 offer inclusive financial, customer focused services The Banker Top 1000 World Banks 2017 ranked • US$185 million capital injection by Helios (largest that socially and economically empower clients Equity Bank 37th in soundness (Capital to Assets), single investment to a Kenyan Bank) and other stakeholders. The Group has banking 45th in Return on Capital and 11th on Return on • Launched Equity Custodial Services subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Assets globally. • Launched Bancassurance Tanzania and the Democratic Republic of Congo. It Equity Group collaborates with many likeminded 2006 has several non-banking subsidiaries which include • Listed on Nairobi Stock Exchange in 2006 the Equity Group Foundation, Equity Insurance • Launched Visa Debit Cards Agency Ltd, Equity Investment Bank, and Finserve 2004 Africa Ltd. • Equity Building Society converted into a bank Equity as a one-stop financial institution offers a AWARDS full range of solutions from savings, credit, payments, Equity Bank has embodied a culture of creativity insurance to investment with an inclusive business and innovation making it the most awarded Bank in model that targets both individuals and businesses Kenya both locally and globally.
    [Show full text]
  • EQUITY Group Holdings Limited
    EQUITY Group Holdings Limited Democratizing Access to Finance and Social Impact in Sub Sahara Africa 1984- 2014 The Case for Equity Group Presentation by Dr James Mwangi,CBS MD & CEO Equity Group Cornell University September 2015 What is democratizing finance ? Who Are The Unbanked Globally? 3 4 The Case for Equity Group 5 Corporate Philosophies Purpose We exist to transform the lives and livelihoods of our people socially and economically by availing to them modern, inclusive financial services that maximise their opportunities. Vision To be the champion of the socio-economic prosperity of the people of Africa. Mission Statement We offer inclusive, customer-focused financial services that socially and economically empower our clients and other stakeholders. Values Professionalism Integrity Creativity & Innovation Teamwork Unity of purpose Respect & Dignity for customers Effective Corporate Governance The Early Years 7 Equity 0 Ø Beginning Ø Founders’ conviction Ø Founders’ social mission Ø Driven by needs of the local community Ø Turn around/re-engineer business model (i.e., creation of deposit taking and lending financial institution) Ø A powerful vision but limited capacity to deliver it 8 Deposits Loans 9 Profit (Loss ) Shareholders Funds 10 Total Assets INVESTMENT CAPITAL 11 Branch and Brand 12 CBK RATING AS AT 31ST DECEMBER 1993 OVERALL ASSESSMENT : EARNINGS & PROFITABILITY: § Institution technically insolvent n Society threatened to grind to a halt MANAGEMENT: n Deposits utilized to meet § Weak & Poor operating expenses n Return to profitability threatened by need for ASSET QUALITY: provision for bad & doubtful § Unsatisfactory, poor non performing loans debts 54% LIQUIDITY: n Liquidity of 5.8% compared to CAPITAL ADEQUACY: minimum legal requirement of § Capital fully eroded by accumulated losses.
    [Show full text]