Equity's opening of UAE office gets shareholders' nod

Equity Group Holdings shareholders have given the lender a go-ahead to establish a representative office in the United Arab Emirates (UAE), subject to regulatory approvals.

They also approved Sh16 billion as a dividend at Sh4.25 per share, payable on or about June 30, 2025, to shareholders on the register as of the close of business on May 23.

Speaking at the bank's annual general meeting held at Equity Centre in Nairobi, last Wednesday, the shareholders also confirmed the appointment of new directors and approved key policies on remuneration, stakeholder engagement and shareholder approval.

The approval to open an office in the UAE aims to facilitate business, trade and investment opportunities between East and Central Africa, the UAE, and the wider Middle East, India, Central and South Asia regions.

The group remained committed to its dividend policy, which provides for a dividend payout ratio of between 30 to 50 per cent. This year, the dividend payout was 34 per cent.

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As part of ongoing efforts to strengthen governance structures and align with the best global practices and regulatory requirements, the group introduced and secured shareholder approval for several key governance policies.

They include policies on directors' remuneration, stakeholder engagement, transparency and disclosure, dispute resolution, and board appointment procedures.

These frameworks are designed to enhance accountability, promote ethical leadership, and ensure the Group continues to uphold the highest standards of corporate governance.

The AGM also saw the election of new directors, including Mrs Farida Khambata, a global expert in emerging markets finance and Nick O'Donohoe, a development finance leader with track record in financial services and impact investing.

The AGM also marked the retirement of Dr Edward Odundo, Mr Vijay Gidoomal, Dr Helen Gichohi and Mr Samwel Kirubi from the Group Board, but will continue to serve on different respective subsidiary boards

 Chairman of Equity Group Holdings Prof Isaac Macharia emphasised the Group’s resilience and strategic focus amidst a challenging global environment.

 “Despite a complex and evolving macroeconomic landscape in 2024, Equity Group remained resilient, agile, and purpose-driven. We strengthened our governance structures across our six markets, aligned with emerging regulatory frameworks, and advanced key strategic initiatives, including the successful integration of Cogebanque into Equity Bank Rwanda,” said Prof Macharia.

Prof Macharia added that the establishment of a Representative Office in the UAE marks a strategic step in deepening regional and global connectivity. 

Equity Group CEO James Mwangi highlighted the group's positive outlook and strategic vision.

"Equity Group continues on a strong growth trajectory, driven by our commitment to innovation, regional expansion, and sustainable practices. The establishment of a Representative Office in the UAE marks an exciting step in our journey to connect Africa with global markets, creating new opportunities for trade and investment,” said Mwangi.