Equity Bank plans to expand to ten countries in the next five years at a cost of Sh200 billion, it announced Tuesday. The lender said it had already signed loan agreements for Sh36 billion ($400 million)—and Tuesday created additional shares worth Sh20 billion to be used in the acquisition process. The bank which currently operates in five countries said it will raise the remaining Sh160 billion through a rights issues or a secondary initial public offering.
Equity plans to enter Ethiopia, Burundi and the Democratic Republic of Congo in the next two years before expanding southwards to Mozambique, Malawi, Zambia and Zimbabwe. read more: www.businessdailyafrica.com
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