Equity set to open more exclusive branches
Equity Group chief executive James Mwangi.
What you need to know:
The bank will increase the exclusive banking outlets to 20 from the current 16 and up from 10 four year ago, in a move that also targets high-growth small and mid-sized enterprises (SMEs) with a view to growing its deposits and loan book.
Nairobi. Equity Bank will open four more high-class branches targeting the rich, stepping up the industry’s race for deep-pocketed clients.
The bank will increase the exclusive banking outlets to 20 from the current 16 and up from 10 four year ago, in a move that also targets high-growth small and mid-sized enterprises (SMEs) with a view to growing its deposits and loan book.
Customers are required to maintain a minimum deposit of Ush200,000 to qualify for the service dubbed “supreme banking.”
The branches have classy lounges with free wireless Internet. The customers have personal relationship managers and a choice to operate their accounts in the local currency or any of the global majors including the US dollar, British pound and euro.
“Equity Bank has embarked on a process to roll out supreme branches countrywide, as it sets its eyes on positioning the outlets as relationship management centres of excellence,” said Equity Group chief executive James Mwangi in a note to investors.
The bank has been adding an average of two branches to its supreme branch network every year since 2013 and is expected to hit 20 outlets across the country by 2020.
The 16 branches are in Nairobi, Mombasa, Eldoret and Kisumu. It is now seeking a presence in other counties.
Private banking has increasingly become a favoured option by banks to grow their income in an increasingly competitive market. The service charges a premium in fees and commissions and requires significant minimum deposit balances, which keep the lenders well capitalised.
