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IFC to lend KSh 18.6 Billion to Equity Bank Kenya Limited

Jackson OkothbyJackson Okoth
January 3, 2022
in Banking, Kenyan News
Reading Time: 2 mins read


IFC—a sister organization of the World Bank and member of the World Bank Group, plans to lend $165 Million(KSh 18.6 Billion) to Equity Bank Kenya Limited, a subsidiary of Equity Group Plc.


IFC is the largest global development institution focused exclusively on the private sector in developing countries. It applies its financial resources, technical expertise, global experience, and innovative thinking to help its partners overcome financial, operational, and other challenges.

IFC also plans to acquire a 6.7% stake in Equity Bank for KSh 13.9 Billion, shares that were previusly held by Britam
“The proposed investment consists of a seven-year Tier 2, Basel II-compliant subordinated loan of up to $165 million (Sh18.6 billion) to Equity Bank Kenya Limited,” IFC said in the disclosure dated December 22.

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“The investment will enhance the bank’s regulatory capital and support its lending operations to climate-smart projects and small and medium enterprises (SMEs) in Kenya.”

IFC will provide $50 million (KSh5.6 billion) of its own money while the balance of $115 million (KSh13 billion) will come from its partners.

IFC will buy 253.1 million shares of the Equity shares from Britam at KSh55 each based on negotiations with the insurer.

IFC will acquire 164.5 million shares  directly from Equity and another 88.5 million shares through its IFC Financial Institutions Growth Fund LP.

Arise B.V., backed by institutional investors Norfund, FMO and Rabobank, is the top shareholder in Equity Group with an 11.99 percent stake.


IFC had already lent Equity Bank KSh21.8 billion as of December 2020, leading a list of development finance institutions that have backed the bank’s regional expansion.

Figure indicate that Equity Bank Kenya is the second-largest bank in Kenya, with total assets of $7.2 billion (KSh815 billion) as of September 30, 2021.


 The bank has a substantial nationwide presence in Kenya through its network of 190 branches, over 380 ATMs, and over 42,000 banking agents. Across the country, the bank serves over 10.7 million customers.

ALSO READ: Equity Bank Named Africa’s Best Bank for SMEs at Euromoney 2021 Awards


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