By Julius Musungu
Equity Bank has offered a 4 month repayment holiday from borrowers who have been hard hit by the economic ravages of the COVID 19 pandemic.
Speaking recently in Muranga County where Equity CEO James Mwangi Donated Personal Protective Equipment, Mwangi also said the company will go slow on its expansion programs as a result of the impacts of the COVID 19 pandemic while seeking more innovative ways of shielding itself from the impact of the Pandemic.
Significantly Mwangi said that the company had also suspended acquisition of African subsidiaries of London stock Exchange-listed firm Atlas Mara Bank in negotiations that started in April 2019.
The transaction would have seen Equity acquire a 62 percent stake in Banque Populaire du Rwanda(BPR) and all of Atlas Mara’s subsidiaries in Zambia, Tanzania, and Mozambique.
In return, Atlas Mara was to obtain a 6.3 percent stake in Equity Bank an Equivalent of 252million shares.