Equity Bank will start operating in Rwanda in April and in Tanzania in May, Mwangi told reporters today in Nairobi, Kenya’s capital. The lender yesterday received a license to operate in Rwanda and has already hired staff, he said.
Equity, which has units in neighboring Uganda and southern Sudan, has retained 4 billion shillings ($47.8 million) of its earnings to fund the company’s expansion, Mwangi said.
Both the Ugandan and southern Sudan units are expected to contribute about 10 percent of the company’s total profit in the 12 months to December, he said.
The stock climbed for the first day in three, rallying 25 cents, or 1 percent, to 25 shillings by the 3 p.m. close in Nairobi.
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