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Equity Bank 2020
Ericsson
#81 Posted : Thursday, November 19, 2020 11:10:36 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
VituVingiSana wrote:
FUNKY wrote:
https://www.newtimes.co.rw/news/kenyas-banking-tycoon-mwangi-build-kigali-financial-towers

Odd. Equity has steered away from owning real estate. I hope this isn't some sort of pressure from GoRw.


I am sort of confused here,is the center owned by James Mwangi or Equity Group
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#82 Posted : Monday, December 07, 2020 5:49:56 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
https://www.businessdail...bn-cash-flow-hit-3220590
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#83 Posted : Saturday, December 19, 2020 4:00:33 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
Equity bank has been caught in Tuskys who have defaulted in a debt worth more than a billion
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#84 Posted : Wednesday, December 23, 2020 12:02:40 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,395
Location: Nairobi
Balance Sheet

KShs 1,000,000,000,000+
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#85 Posted : Wednesday, December 23, 2020 10:48:32 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
VituVingiSana
#86 Posted : Thursday, December 24, 2020 12:14:29 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,395
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
So?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#87 Posted : Thursday, December 24, 2020 12:57:53 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
So?


There was no need of making it,he could have waited for the FY results since it's not a material announcement.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ali Baba
#88 Posted : Thursday, December 24, 2020 7:51:24 AM
Rank: Member


Joined: 8/29/2008
Posts: 546
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
So?


There was no need of making it,he could have waited for the FY results since it's not a material announcement.

Come on, Equity has earned bragging rights. The first co to hit $10b mark
Angelica _ann
#89 Posted : Thursday, December 24, 2020 9:16:30 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,819
Ali Baba wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
So?


There was no need of making it,he could have waited for the FY results since it's not a material announcement.

Come on, Equity has earned bragging rights. The first co to hit $10b mark


@Erickson is team KCB smile. Am sure KCB has also hit 1T and is ahead of Memba!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
VituVingiSana
#90 Posted : Thursday, December 24, 2020 1:20:16 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,395
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Balance Sheet

KShs 1,000,000,000,000+


No effect on share price.
So?


There was no need of making it,he could have waited for the FY results since it's not a material announcement.
So you do agree that there should be no effect on the share price.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#91 Posted : Friday, January 01, 2021 10:41:22 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
Equity Group holdings plc has received regulatory approvals to merge Equity Bank Congo (EBC) and BCDC to form a new bank after acquiring 66.53% of BCDC.The new bank will be known as Equity Banque Commercial du Congo (EquityBCDC)

Equity holdings will own 77.5% shareholding of EquityBCDC

https://www.businessdail...two-banks-in-drc-3243774
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#92 Posted : Friday, January 29, 2021 9:02:28 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
https://www.theafricarep...y-bank-and-james-mwangi/
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#93 Posted : Friday, January 29, 2021 9:11:17 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
https://www.theafricarep...y-bank-and-james-mwangi/
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
xtina
#94 Posted : Friday, January 29, 2021 9:19:52 AM
Rank: Member


Joined: 6/26/2008
Posts: 342
Ericsson wrote:
https://www.theafricareport.com/62075/what-is-the-reason-for-the-drcs-problems-with-kenyas-equity-bank-and-james-mwangi/


d'oh! d'oh! Sad

What is the reason for the DRC’s problems with Kenya’s Equity Bank and James Mwangi?
By Aurélie M'Bida, Stanis Bujakera Tshiamala
Posted on Thursday, 28 January 2021 19:43


The Democratic Republic of Congo’s central bank, Banque Centrale du Congo, is not making life easy for Kenya's Equity Group Holdings (EGH).

Just as the merger of Equity Bank Congo with the country’s second-largest bank, Banque Commerciale du Congo (BCDC), which it agreed to acquire, was getting under way, the bank regulator is putting a spoke in the transaction’s wheel.

Central bank governor Jules Bondombe Assango addressed a letter dated 19 January to the BCDC’s chair of the board detailing his reaction to a previous “memo sent by Mr James Mwangi to the staff of the new entity, Equity BCDC SA”.

Last August, EGH completed the acquisition of a 66.53% stake in the capital of BCDC at a cost of KSh10.4bn ($95m).


At the end of December, the Kenyan financial services giant – which reported revenue of KSh76bn in 2019 – received the green light to merge its banking network with the newly acquired company, thereby increasing its stake in Equity BCDC to more than 77%.

At this point in time, what that means is that the merger is considered complete from a legal standpoint. Operationally speaking, it is in the final stages.

Nevertheless, the central bank laid into the Kenyan company in a recent missive: “After a thorough analysis, we have determined that the decisions announced by the chair of the board of EGH in his memo to staff were taken unilaterally and do not comply with the legal and regulatory provisions bearing on the corporate governance of financial institutions operating in the DRC.”


At issue for the authority was an internal memo it obtained in which the Kenyan chief executive had outlined a number of decisions pertaining to the merger proceedings.

The problems identified by the central bank included EGH’s announcement of its plans to “integrate the BCDC’s operations and data into the Equity Group platform”, “set up an initial management committee” and appoint two managing directors, Yves de Cuypers (the current managing director of BCDC) and Célestin Mukeba (managing director of Equity Bank Congo – formerly ProCredit Bank Congo prior to Equity’s acquisition of the lender in 2015).

According to a financial analyst who closely follows Africa’s major banking institutions: “These decisions should have emanated from the board and/or the general meeting of the newly formed entity, Equity BCDC, instead of from the chair of the holding company.”

He adds: “Apart from the decision relating to the two managing directors, most of the decisions singled out by the central bank are an issue of procedure regarding the merger proceedings rather than an issue of substance.”

Reassuring customers and investors
The Kenyan banking group indeed made an unconventional choice where the new entity’s leadership is concerned. Customarily, the managing director of the acquirer becomes managing director of the merged entity, but Equity opted to place both the managing director of the acquirer and of the acquired bank on an equal footing.

The Congolese central bank expressed its disapproval of this decision, explaining that “Legal and regulatory requirements do not allow for two managing directors to oversee one institution.”



Though Equity took this decision “unilaterally”, many observers do not view it in a negative light, as the Nairobi Securities Exchange-listed financial services group sought to reassure its customers and investors. EH is seeking to send the message that even with the merger and resulting synergies, the group’s leadership is stable.

Taking over the top spot
However, the incident shows that there is a wrinkle in Mwangi’s plan to merge the two lenders into the DRC’s leading banking institution by the end of 2021 and a larger bank than Equity Bank in Kenya within five years.

In recent months the Kenyan banker was open about his ambitions in the country, but the central bank appears to want to chill Equity on this front, writing:

“The person who signed the memo sent to Equity BCDC’s staff has neither the title nor the capacity to make decisions on behalf of the institution. In this regard, Mr Mwangi, chair of the board of EHG, is only the representative of a shareholder and has not been mandated by the acquiring company to make decisions on its behalf.”


Further in the letter, the central bank again reminded the group of its duty to comply with the laws and regulations in force in the country.

According to another industry expert, pointing out in passing that the merger of Equity Bank Congo and BCDC was approved by the bank regulator on 29 December 2020, argues the central bank governor has taken one step forward and two steps back with this letter. That said, the authority refrained from questioning the validity of the merger from a legal standpoint.

EGH’s management did not respond to a request for comment.
VituVingiSana
#95 Posted : Friday, January 29, 2021 11:14:40 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,395
Location: Nairobi
xtina wrote:
Ericsson wrote:
https://www.theafricareport.com/62075/what-is-the-reason-for-the-drcs-problems-with-kenyas-equity-bank-and-james-mwangi/


d'oh! d'oh! Sad

What is the reason for the DRC’s problems with Kenya’s Equity Bank and James Mwangi?
By Aurélie M'Bida, Stanis Bujakera Tshiamala
Posted on Thursday, 28 January 2021 19:43


The Democratic Republic of Congo’s central bank, Banque Centrale du Congo, is not making life easy for Kenya's Equity Group Holdings (EGH).

Just as the merger of Equity Bank Congo with the country’s second-largest bank, Banque Commerciale du Congo (BCDC), which it agreed to acquire, was getting under way, the bank regulator is putting a spoke in the transaction’s wheel.

Central bank governor Jules Bondombe Assango addressed a letter dated 19 January to the BCDC’s chair of the board detailing his reaction to a previous “memo sent by Mr James Mwangi to the staff of the new entity, Equity BCDC SA”.

Last August, EGH completed the acquisition of a 66.53% stake in the capital of BCDC at a cost of KSh10.4bn ($95m).


At the end of December, the Kenyan financial services giant – which reported revenue of KSh76bn in 2019 – received the green light to merge its banking network with the newly acquired company, thereby increasing its stake in Equity BCDC to more than 77%.

At this point in time, what that means is that the merger is considered complete from a legal standpoint. Operationally speaking, it is in the final stages.

Nevertheless, the central bank laid into the Kenyan company in a recent missive: “After a thorough analysis, we have determined that the decisions announced by the chair of the board of EGH in his memo to staff were taken unilaterally and do not comply with the legal and regulatory provisions bearing on the corporate governance of financial institutions operating in the DRC.”


At issue for the authority was an internal memo it obtained in which the Kenyan chief executive had outlined a number of decisions pertaining to the merger proceedings.

The problems identified by the central bank included EGH’s announcement of its plans to “integrate the BCDC’s operations and data into the Equity Group platform”, “set up an initial management committee” and appoint two managing directors, Yves de Cuypers (the current managing director of BCDC) and Célestin Mukeba (managing director of Equity Bank Congo – formerly ProCredit Bank Congo prior to Equity’s acquisition of the lender in 2015).

According to a financial analyst who closely follows Africa’s major banking institutions: “These decisions should have emanated from the board and/or the general meeting of the newly formed entity, Equity BCDC, instead of from the chair of the holding company.”

He adds: “Apart from the decision relating to the two managing directors, most of the decisions singled out by the central bank are an issue of procedure regarding the merger proceedings rather than an issue of substance.”

Reassuring customers and investors
The Kenyan banking group indeed made an unconventional choice where the new entity’s leadership is concerned. Customarily, the managing director of the acquirer becomes managing director of the merged entity, but Equity opted to place both the managing director of the acquirer and of the acquired bank on an equal footing.

The Congolese central bank expressed its disapproval of this decision, explaining that “Legal and regulatory requirements do not allow for two managing directors to oversee one institution.”



Though Equity took this decision “unilaterally”, many observers do not view it in a negative light, as the Nairobi Securities Exchange-listed financial services group sought to reassure its customers and investors. EH is seeking to send the message that even with the merger and resulting synergies, the group’s leadership is stable.

Taking over the top spot
However, the incident shows that there is a wrinkle in Mwangi’s plan to merge the two lenders into the DRC’s leading banking institution by the end of 2021 and a larger bank than Equity Bank in Kenya within five years.

In recent months the Kenyan banker was open about his ambitions in the country, but the central bank appears to want to chill Equity on this front, writing:

“The person who signed the memo sent to Equity BCDC’s staff has neither the title nor the capacity to make decisions on behalf of the institution. In this regard, Mr Mwangi, chair of the board of EHG, is only the representative of a shareholder and has not been mandated by the acquiring company to make decisions on its behalf.”


Further in the letter, the central bank again reminded the group of its duty to comply with the laws and regulations in force in the country.

According to another industry expert, pointing out in passing that the merger of Equity Bank Congo and BCDC was approved by the bank regulator on 29 December 2020, argues the central bank governor has taken one step forward and two steps back with this letter. That said, the authority refrained from questioning the validity of the merger from a legal standpoint.

EGH’s management did not respond to a request for comment.
Someone in DRC's government/CB feels left out.
Just procedural stuff.

The 2 MDs concept is common in many firms in Europe and eventually resolves to a single MD. It's transitionary.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#96 Posted : Tuesday, February 16, 2021 8:43:45 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,372
Location: NAIROBI
https://www.the-star.co....entral-southern-africa/



Equity Group Holdings on Monday announced the appointment of Yves Cuypers as the first regional director in charge of the Central and Southern Africa.

Yves is the immediate former Managing Director of Banque Commerciale du Congo (BCDC) which has since merged with Equity Bank Congo (EBC) to form Equity BCDC, the second largest bank in the Democratic Republic of Congo.

The appointment signals the Group’s strategy to expand its presence outside of Eastern Africa by creating a dedicated sub-continent office for Central and Southern Africa.

As the new Regional Director, Yves will focus on establishing the financial services organization firmly in the region and will support the new Managing Director of Equity BCDC in the DRC, Celestin Mukeba, to achieve a smooth transition for the new Equity BCDC subsidiary.

“We are excited to have Yves become our first Regional Director for the Central and Southern Africa Region. Yves brings to the Group extensive knowledge and experience of the banking industry from his work with European banks, and his tenure as the Managing Director of BCDC for the last 17 years.

"As we seek to expand our footprint and impact, Yves will play a strong role in our consolidation and delivery of financial services to new markets across Central and Southern Africa," Equity CEO James Mwangi announced the new appointment from Kinshasa.

Yves Cuypers brings more than 30 years of experience in the banking and financial industry, across two continents.

He has dedicated his career to the development and sustainability of client success with deep knowledge of credit facilities, financial analysis, risk and compliance, tax optimization, derivatives and cash management.

A seasoned executive he has led the strategic and organizational planning for large multinational financial institutions, most recently serving as the Director General for the former Banque Commerciale du Congo (BCDC) – now Equity BCDC - in the DRC for the past 17 years.

He brings deep experience in governance and regulatory management, while also being a strong advocate in protecting the interests of customers agents and shareholders.

Yves was instrumental in the acquisition of BCDC by Equity Group Holdings which was successfully completed in 2020.

“The Group celebrates Yves and welcomes him to the Equity family. We are confident that his experience in leading BCDC for the last 17 years successfully and through challenging and sometimes uncertain environments speaks of his leadership skills, his strategic mindset and strong capabilities that led BCDC to become one of the largest banks in DRC,” Mwangi said.

He said he was optimistic that Yves will help to establish the Equity brand firmly in the Central and Southern Africa region.


Announcement and appointment done to comply with the legal and regulatory issues the DRC Central Bank had raised.
Otherwise that is a post without a portfolio.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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