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Kenyan banker James Mwangi confirms Equity Group’s first UAE branch coming by end of 2025

Equity Group targets UAE expansion by Q4 2025 as part of a broader push to deepen Africa–Middle East trade and investment ties.

Kenyan banker James Mwangi confirms Equity Group’s first UAE branch coming by end of 2025
James Mwangi, CEO of Equity Group, confirms UAE expansion by Q4 2025

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Key Points

  • Equity Group to open UAE branch by Q4 2025, expanding its footprint beyond East and Central Africa amid rising Africa–Middle East trade.
  • CEO James Mwangi says regulatory approval is near, positioning Equity among African banks tapping Gulf capital and trade hubs.
  • Group assets hit $13.54 billion despite profit dip in Q1, with regional subsidiaries and digital platforms driving growth outside Kenya.

Equity Group, East and Central Africa’s leading financial services group, led by Kenyan banker James Mwangi, is setting its sights on the United Arab Emirates, with plans to open an office there in the fourth quarter of 2025. The move is aimed at tapping into the growing trade and investment flows between the Middle East and Africa—a relationship that continues to deepen as global interest in the continent’s resources and markets grows.

Equity Bank sets sights on Gulf

Speaking in an interview with Bloomberg TV, Mwangi, the long-serving CEO of Kenya’s largest bank by assets, said the lender is in the “final phases” of securing regulatory approval. Once granted, Equity will join a growing list of African banks—including Absa Group, Standard Bank, and United Bank for Africa—that are establishing a footprint in the Gulf region.

“The Middle East has deep capital sources, very strong logistics for trade and it is a strong center for investment,” Mwangi said. “Linkage with the middle-income segment is growing in India and China. That will provide a very strong market wave for African goods and services.”

This push into the UAE comes just weeks after Equity Group announced it had received the green light to set up a representative office there. The bank sees this as a step toward strengthening global connections and expanding into new markets beyond its East and Central African base.

James Mwangi steers through economic storm

Equity Group has steadily grown under Mwangi’s leadership, expanding into Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo. Mwangi, who holds a 3.39 percent stake in the bank—equivalent to 127.8 million shares—has been at the center of the bank’s evolution into a regional powerhouse.

However, the most recent financial results reflect a more challenging period. Profit after tax dropped to Ksh15.35 billion ($119.2 million) in the first quarter of 2025, down from Ksh16.03 billion ($124 million) a year earlier. The decline was driven by slower revenue growth and currency losses, particularly from its operations in South Sudan where the local currency depreciated sharply.

Still, some key areas showed resilience. Net interest income rose by 2.63 percent to Ksh28.57 billion ($221.2 million), although non-interest income fell by nearly 12 percent to Ksh19.61 billion ($151.8 million), reflecting a tougher business environment. Customer deposits grew by 7 percent to Ksh1.32 trillion ($10.2 billion), while loans expanded by 3 percent to Ksh804.7 billion ($6.2 billion), backed by a growing customer base now totaling over 20 million.

Regional units drive asset growth

The bank’s operations outside Kenya continue to play a significant role. Regional subsidiaries now account for 47 percent of total assets, with strong performances in Tanzania and the DRC. In the DRC alone, EquityBCDC saw loan and deposit volumes increase by 9 percent and 8 percent respectively. Digital platforms also remained key to operations, handling 87 percent of all transactions.

Despite a tougher economic landscape, the bank’s overall balance sheet remains solid. Total assets rose by 3.75 percent to Ksh1.75 trillion ($13.54 billion), while retained earnings climbed by nearly 12 percent to Ksh245.82 billion ($1.9 billion). These numbers reinforce Equity Group’s standing as East Africa’s largest lender, and highlight its readiness to take on new markets, including the Middle East.

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