Kenya Commercial Bank (KCB) Group has overtaken Equity Bank as the largest lender in the country by asset size.
This comes at the back of an aggressive expansion of foreign subsidiaries by the lender led by Paul Russo.
According to a report on The Standard, KCB’s total assets were at Ksh 1.55 trillion in the year ending December.
On the other hand, regulatory filings showed that Equity Bank’s total asset stood at Ksh 1.44 trillion in the same period.
Although Equity Bank beat KCB in profitability in the period, KCB stated that it did not include profits from their subsidiary in DRC.
KCB suffered a loss of Ksh 65 million in December when it was out of business; if the lender consolidated a full year, it would have absorbed a Ksh 3.2 billion profit.
KCB Group
KCB Group Limited, also known as KCB Group, is a financial services conglomerate headquartered in Nairobi, Kenya.
It is the largest commercial bank in Kenya and the largest bank in the East African Community (EAC) by asset size.
The bank has a presence in Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, and South Sudan.
KCB Group was founded in 1896 as the National Bank of India. It was renamed Kenya Commercial Bank in 1931. In 2016, the bank converted to a holding company structure and renamed itself KCB Group.
They offers a wide range of financial services, including commercial banking, retail banking, investment banking, and insurance. The bank has over 600 branches and employs over 11,000 people.
KCB Group is listed on the Nairobi Securities Exchange (NSE) and is a constituent of the NSE 20 Index. The bank’s market capitalization is over KES 1.5 trillion (USD 15 billion).
It is a leading player in the financial services sector in East Africa. The bank has a strong track record of growth and profitability. KCB Group is committed to providing its customers with innovative and reliable financial services.
Equity Group
Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region.
EGHL’s headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.
Equity Group was founded in 1984 by Peter Munga and James Mwangi. The bank started out as a small microfinance institution, but it quickly grew to become one of the largest banks in Kenya.
In 2004, it listed on the Nairobi Securities Exchange (NSE), and it has since become one of the most valuable companies listed on the NSE.
Equity Group is known for its innovative approach to banking. The bank was one of the first in Kenya to offer mobile banking, and it has also been a pioneer in the use of technology to reach underserved populations.
It has also been praised for its commitment to corporate social responsibility. The bank has a number of initiatives in place to help improve the lives of its customers and the communities in which it operates.
In 2019, Equity Group rebranded to Equity. This was done in an effort to unify the various brands under the Equity Group umbrella. The rebranding also reflected the bank’s commitment to providing inclusive financial services to all Kenyans.
The lender is a leading financial services provider in the African Great Lakes region. The bank has a strong track record of growth and innovation, and it is committed to making a positive impact on the lives of its customers and the communities in which it operates.
