Local banks take on giants - Daily Nation

Finance

Local banks take on giants

  • Who would have foreseen the growth of the surviving local banks to become giants in the region?
  • In the ensuing short-lived African-owned banking boom, and the subsequent banking crisis, both family-owned building societies struggled through non-performing loans and liquidity issues.
  • The idea of saving inside one’s mattress was not a joke then. There was no choice.
  • Equity and Family banks epitomise the few institutions that managed to survive and thrive in that banking crisis.

Equity Building Society, the precursor of Equity Bank. The then Equity Building Society (EBS) chairman and CEO Peter Munga, first hired James Mwangi to help him wind up the business. Equity bank is now the most profitable bank in East and Central Africa and the biggest majority-African owned Bank. PHOTO/FILE
Equity Building Society, the precursor of Equity Bank. The then Equity Building Society (EBS) chairman and CEO Peter Munga, first hired James Mwangi to help him wind up the business. Equity bank is now the most profitable bank in East and Central Africa and the biggest majority-African owned 

Two banking crises that plagued the nation in 1986 and the 1990s left the industry in a mess.

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