Shareholders of Equity Group Holdings Plc, on Wednesday, June 25th, approved a plan to open a Representative Office in the United Arab Emirates (UAE).
- •With this move, Equity becomes the first Kenyan bank to plant a flag in the Middle East.
- •The Dubai hub will speed up trade, investment, and remittance flows between East & Central Africa and the Gulf, India, and South Asia.
- •This marks Equity’s first venture outside Africa and positions the lender to tap into fast‑growing corridors in agribusiness, infrastructure, and energy.
“The UAE office is a strategic bridge that links Africa’s entrepreneurial energy with global capital,” said Dr. James Mwangi. “Our customers will gain access to new markets. At the same time, Gulf investors will enjoy a direct line into Africa’s fastest‑growing region.”
Strengthening Equity’s Global Footprint
Chairman Prof. Isaac Macharia said the new office supports the Group’s Africa Recovery and Resilience Plan. Recently, Equity also integrated Cogebanque in Rwanda and launched a health‑insurance subsidiary in Kenya—steps that highlight its regional momentum.
With regulatory approvals pending in both jurisdictions, Equity expects the UAE office to be operational in early 2026. The lender says the hub will accelerate the bank’s vision of becoming Africa’s “one-stop financial services platform,” connecting entrepreneurs, investors and development partners across continents.
Why Dubai Matters
- •Trade facilitation: On‑site support for letters of credit and supply‑chain finance will reduce delays in settlement.
- •Diaspora banking: With millions of East Africans living in the Gulf, the office will enhance remittance and mobile‑money services.
- •Capital raising: Being near sovereign wealth funds will help Equity unlock long‑term capital for infrastructure and green projects.
Other AGM Highlights
The AGM approved a final dividend payout of KSh 16 billion for FY 2024, translating to KSh 4.25 per share or a 34% distribution of full-year profits.
The dividend will be paid on or about 30 June 2025 to shareholders on record as of 23 May.
The meeting also ushered in six new Board members, including global finance experts Farida Khambata and Nick O’Donohoe. Meanwhile, retiring directors were reassigned to various subsidiary boards.
