Kenya’s Equity Group Holdings is pursuing acquisitions in Angola, Zambia and Mozambique as part of a strategic expansion to capitalize on growth driven by infrastructure development and mineral wealth.
The plan, disclosed on Wednesday by CEO James Mwangi, reflects the Bank’s broader ambition to follow trade corridors and deepen its regional footprint.
Having evolved over 35 years from a rural building society into Kenya’s most profitable lender, Equity has strengthened its position through regional expansion, notably acquiring two banks in the Democratic Republic of the Congo in 2015 and 2020, where it now ranks as the second-largest lender. The DRC remains central to its strategy, particularly within a regional trade and transport corridor the bank seeks to leverage.
Mwangi emphasised that the expansion is driven by customer demand and trade flows rather than geography alone, with the group aiming to enter the targeted markets at the earliest opportunity. These countries are seen as attractive due to their reserves of copper, cobalt, oil and gas, as well as expected gains from the US-backed Lobito Corridor.
Equity is prioritising acquisitions over greenfield investments, citing structural, cultural and regulatory complexities in new markets. This approach mirrors its success in the DRC, where acquisitions have enabled it to secure a 24 per cent market share.
The group is also monitoring developments in Ethiopia, where it has maintained a representative office for seven years. With plans underway to open the banking sector to foreign lenders, Equity has signalled readiness to enter through acquisition once full market access is granted.