Equity Bank, the largest Kenyan bank with 48% of the nation’s bank accounts, has won the Best Micro Finance Bank in Africa award at the African Bankers Awards in Washington DC. Other nominees for the award were ACCION Microfinance Bank, Barclays, Development Bank of Mauritius, and Swazibank. The event, the second of its kind, was hosted by London-based IC Publications, publishers of African Banker magazine and endorsed by the World Bank. Sponsors included the African Development Bank, 3i Infotech, Ecobank, and the Bank of Industry.
Equity Bank has experienced a year of record profits that saw pre-tax profits up by 116 percent and total operating income increase by 73 percent. In June, total capitalization was roughly USD 1.8 billion. These record profits follow some strategic developments within the firm. In 2007, Equity Bank sold a 25 percent stake in the company for USD 175.7 million to Helios EB, a limited partnership managed by Helios Investors, LP and advised by Helios Investment Partners, LLP, an investment firm making private equity investments in sub-Saharan Africa. In April, the company announced the acquisition of Uganda Microfinance Ltd., a non-bank microfinance institution, in a deal worth USD 26.9 million.
Last year’s winner of the Best Micro Finance Bank in Africa Award was Banque Tunisienne de Solidarité. The 3rd Annual African Banker Awards will be held in Istanbul, Turkey in 2009 and will coincide with the IMF/World Bank Annual meeting.
By Iyanna Holmes, Research Assistant
Additional Resources:
Africasia.com: African Bankers Awards 2008: Winners Announced
Banking Times: Equity Bank Wins Micro Finance Award
Bizcommunity.com: Nominees Announced for African Banker Awards 2008
MicroCapital.org Article: July 22, 2008, Equity Bank of Kenya to Acquire Microfinance Institution (MFI) Uganda Microfinance in $26.9m Deal: December 19, 2007, Equity Bank of Kenya to Expand Microfinance Services to Uganda, Tanzania, and Rwanda Backed by Investment from Helios EB
MIX Market: Uganda Microfinance Limited
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