Equity officially establishes a new office in the United Arab Emirates, gaining approval from its shareholders.
Equity Group Holdings, a leading financial institution in East and Central Africa, has received approval to establish a representative office in the United Arab Emirates (UAE). This strategic move aims to facilitate business, trade, and investment opportunities between Africa and the UAE, as well as the broader Middle East, India, Central Asia, and South Asia regions.
During the annual general meeting (AGM), Equity Group introduced and secured shareholder approval for several key governance policies. The new policies are designed to enhance accountability, promote ethical leadership, and ensure the Group continues to uphold the highest standards of corporate governance. The AGM also confirmed the appointment of new directors, including Mrs Farida Khambata and Nick O'Donohoe, and saw the retirement of several directors from the Group Board, including Dr Edward Odundo, Mr Vijay Gidoomal, Dr Helen Gichohi, and Mr Samwel Kirubi.
The new representative office in the UAE will act as a marketing and liaison point for the bank, although it will not conduct direct banking transactions like deposit-taking or lending locally in the UAE. The office is expected to enhance services to the African diaspora in the Gulf, especially in Dubai and Saudi Arabia, by providing tailored banking solutions, simplifying remittances, and offering mobile money integration. It will also facilitate letters of credit and supply chain finance, which will reduce costly delays for diaspora customers involved in import-export and business ventures.
Equity Group's CEO, James Mwangi, highlighted the group's positive outlook and strategic vision during the AGM. Prof Isaac Macharia emphasized Equity Group's resilience and strategic focus amidst a challenging global environment. The establishment of the Representative Office in the UAE is part of Equity Group's journey to connect Africa with global markets, creating new opportunities for trade and investment.
Equity Group remains committed to its strategic initiatives, including the successful integration of Cogebanque into Equity Bank Rwanda. The group continues on a strong growth trajectory, driven by innovation, regional expansion, and sustainable practices. The new office in the UAE is a strategic step towards long-term value creation, sustainable development, and meaningful transformation across the African continent by leveraging connections with key global markets.
In addition to the new representative office, Equity Group announced that it will pay a dividend of Sh16 billion at Sh4.25 per share, payable on or about June 30, 2025. The group remains committed to its dividend policy, which provides for a dividend payout ratio of between 30 to 50 per cent.
The establishment of the Representative Office in the UAE is also aimed at aligning with emerging regulatory frameworks. This strategic step is expected to deepen regional and global connectivity and position Equity as a key conduit for cross-continental investment and trade.
- The new Representative Office in the UAE aligns with Equity Group's strategic vision to connect Africa with global markets, as profitably illustrated in their deliberations during the annual general meeting (AGM).
- Beyond serving the African diaspora in the Gulf, the UAE office will also facilitate Equity Group's commitments to corporate governance, particularly the new policies aiming for accountability, ethical leadership, and high standards.
- While the Representative Office in the UAE may not conduct direct banking transactions, it significantly contributes to the Group's long-term value creation, sustainable development, and transformation across Africa, especially in regions with significant business, political, or investment opportunities, such as finance, health, and business sectors.
