Shareholders of Equity Group Holdings Plc, during the company’s 21st Annual General Meeting, approved the establishment of a representative office in the United Arab Emirates (UAE)—a strategic move that positions Equity as the first Kenyan bank to expand into the Middle East.
The UAE office will serve as a regional hub to facilitate trade, investment, and diaspora banking services between East and Central Africa, the Gulf region, and broader markets in India, Central Asia, and South Asia.
The expansion is subject to regulatory approvals from the Central Bank of Kenya and the UAE authorities.
As Group CEO Dr. James Mwangi stated, “The UAE office is a strategic bridge that links Africa’s entrepreneurial energy with global capital. Our customers will gain access to new markets. At the same time, Gulf investors will enjoy a direct line into Africa’s fastest-growing region.”
Chairman Prof. Isaac Macharia emphasised the broader vision: “The establishment of a representative office in the UAE marks a strategic step in deepening regional and global connectivity.”
He added, “With our shareholders’ continued trust, we are confident in our ability to drive meaningful transformation, sustainable development, and long-term value creation across the continent.”
The new office, subject to regulatory approvals in both Kenya and the UAE, is expected to be operational in early 2026.
It will act as a business development hub, facilitating cross-border trade, supporting diaspora banking, and attracting capital for infrastructure and green projects, without offering full banking services such as deposits or loans.
Why Dubai Matters
- Trade Facilitation: On-site support for letters of credit and supply-chain finance will reduce settlement delays.
- Diaspora Banking: The office will enhance remittance and mobile money services for millions of East Africans living in the Gulf.
- Capital Raising: Proximity to sovereign wealth funds will help unlock long-term capital for infrastructure and green projects.
Strengthening Equity’s Global Footprint
This expansion aligns with the Group’s Africa Recovery and Resilience Plan (ARRP), which aims to transform lives, expand opportunities for wealth creation, and foster sustainable development across the continent.
In 2024, Equity also integrated Cogebanque in Rwanda and launched a health insurance subsidiary in Kenya, underscoring its momentum in regional integration and innovation.
AGM Highlights
Shareholders approved a final dividend payout of KSh 16 billion for FY 2024, translating to KSh 4.25 per share or a 34% distribution of full-year profits.
The dividend will be paid on or about June 30, 2025, to shareholders on record as of May 23.
Equity Appoints Six Global Experts to Board
Shareholders elected six distinguished professionals to its Board of Directors, subject to regulatory approval by the Central Bank of Kenya.
The new appointees are Farida Khambata, Nick O’Donohoe, Dr. Aloysius Uche Ordu, Obadiah Biraro, Dr. Lakshmi Shyam-Sunder, and Eng. David Mutombo.
These appointments reinforce Equity Group’s commitment to robust governance, global expertise, and long-term stakeholder value creation.
Farida Khambata: A pioneer in emerging markets finance. Khambata holds a Master’s in Economics from Cambridge University, an MSc from London Business School, and is a Chartered Financial Analyst (CFA). She co-founded Cartica Capital and previously served as regional vice president at the International Finance Corporation (IFC), overseeing a $14 billion portfolio across Asia and Latin America.
Khambata coined the term “Frontier Markets” in 1992 and has served on boards including Tata Steel, Kotak Mahindra Life Insurance, and Dragon Capital. She was named among Euromoney’s Top 50 Women in Finance and awarded Best Woman Director in 2015.
Nick O’Donohoe: With an MBA from Wharton, O’Donohoe is a global authority in development finance. He served as CEO of British International Investment (2017–2024), deploying $10 billion in development and climate finance. He was the founding CEO of Big Society Capital and head of Global Research at JP Morgan.
O’Donohoe has served on boards such as the Global Impact Investing Network and BlueMark, and was awarded a CMG in 2022 for his contributions to impact investing.
Dr. Aloysius Uche Ordu: Dr. Ordu holds a Ph.D. in economics from the University of Sussex and is a Harvard Kennedy School alumnus.
He currently serves on the Monetary Policy Committee of the Central Bank of Nigeria and is Director of the Africa Growth Initiative at the Brookings Institution. His previous roles include vice president at the African Development Bank and senior positions at the World Bank Group.
Dr Ordu advises global policy forums, including the Harvard–Lancet Commission and the T20/G20.
Obadiah Biraro: A Certified Public Accountant in Rwanda, Kenya, and Uganda, Biraro holds an MBA from Uganda Martyrs University.
He served as Auditor General of Rwanda from 2005 to 2021, leading the country’s first audit of consolidated financial statements and championing the adoption of IPSAS accrual accounting.
He chaired the East African Community Audit Commission and contributed to public financial oversight across the region.
Dr. Lakshmi Shyam-Sunder: Dr. Shyam-Sunder holds a Ph.D. in finance from MIT Sloan and is a recognised expert in financial risk management.
As Vice President and Chief Risk Officer of the World Bank Group (2014–2024), she maintained its AAA credit rating and unlocked $170 billion in lending capacity.
She has served as CFO of the Multilateral Investment Guarantee Agency and chaired The Currency Exchange’s Supervisory Board.
Eng. David Mutombo: A licensed professional engineer, Mutombo holds an MBA from the University of the Witwatersrand and completed the Advanced Management Program at Harvard Business School.
Mutombo led REGIDESO SA in the DRC to profitability and currently serves as Global Managing Director of Hatch’s Water Business Unit. He also sits on the board of Chemtrade Logistics, where he chairs the Strategy and Audit Committees.
Board Audit Committee Appointments
Shareholders also approved the appointment of Obadiah Biraro, Dr. Aloysius Uche Ordu, Dr. Lakshmi Shyam-Sunder, and Dr. Evanson Baiya to the Board Audit Committee.
Leadership Transition
The directors succeed Dr. Edward Odundo, Vijay Gidoomal, Dr. Helen Gichohi, and Samwel Kirubi, who will continue to serve in various leadership roles within Equity Group’s subsidiaries.
“We are privileged to welcome a diverse and distinguished group of global leaders whose expertise in development finance, governance, investment, infrastructure, and sustainability will strengthen our vision of championing the socio-economic prosperity of the people of Africa,” said Prof. Isaac Macharia, Chairman of Equity Group Holdings Plc.
“Their appointment affirms our commitment to robust governance and stakeholder value creation. We also express our heartfelt gratitude to the outgoing directors whose invaluable service has shaped the group’s strategy and impact over the years.”
