Equity Bank UAE Expansion: First Kenyan Bank in Middle East
Equity Group Holdings is making history. The financial institution is set to open a representative office in Dubai, UAE, a groundbreaking move as the first Kenyan bank to establish a foothold in the middle East. This strategic expansion aims to fortify trade and investment ties between Africa and the Gulf region, offering access to new markets for Equity Bank’s customers. The Dubai office will act as a crucial link facilitating trade, streamlining remittances, and attracting investments. Moreover, shareholders approved a dividend, signaling strong financial performance.News Directory 3 is following this exciting development closely, as it underscores equity’s commitment to supporting African businesses. This expansion could provide a first-mover advantage. Discover what’s next for Equity Bank and its ambitious growth strategy.
Equity Group Holdings Expands to UAE,a First for Kenyan Banks
Updated June 30,2025
Equity Group Holdings Plc shareholders greenlit plans to launch a representative office in the United Arab Emirates (UAE) during the company’s 21st Annual General Meeting (AGM) on Wednesday,june 25,2025. This move marks a significant milestone as Equity Bank becomes the first Kenyan lender to establish a physical presence in the Middle East, aiming to boost Africa-Gulf relations.
The Dubai office is strategically positioned to serve as a crucial link between East and Central Africa and key global markets, notably the Gulf region, India, and South Asia. Equity Bank anticipates that this hub will enhance cross-border trade, streamline remittances, and attract investments in vital sectors such as agribusiness, energy, and infrastructure.
Dr. james Mwangi,Equity Group managing Director and CEO,emphasized the strategic importance of this expansion for regional and global connectivity. “The UAE office is a strategic bridge that links Africa’s entrepreneurial energy with global capital,” Mwangi said. “Our customers will gain access to new markets, while Gulf investors will have a direct line into Africa’s fastest-growing region.”
Prof. Isaac Macharia, Chairman of Equity Group Holdings, noted that the dubai office aligns with the bank’s Africa Recovery and Resilience Plan, which focuses on economic conversion across the continent. He stated that this expansion underscores Equity’s commitment to providing seamless financial services for African businesses and the global investment community.
The Dubai Representative Office is expected to commence operations in early 2026, pending regulatory approvals from Kenyan and UAE authorities. once operational, the office will facilitate financial flows and support Equity’s ambition to become Africa’s one-stop financial services platform, fostering new capital sources.
The office will concentrate on three key areas: trade facilitation through letters of credit and supply-chain finance, diaspora banking services including enhanced remittance options, and capital raising to secure long-term funding for major projects in infrastructure, green energy, and development finance.
At the AGM, shareholders also approved a final dividend payout of Ksh 16 billion for the 2024 financial year, equivalent to Ksh 4.25 per share, representing 34% of the bank’s full-year profits. The dividend is scheduled for payment around June 30, 2025, to shareholders registered by May 23, 2025.
Six new board members,including Farida Khambata and Nick O’Donohoe,were appointed,bringing extensive experience in development finance and investment banking.Some retiring directors have been reassigned to Equity Group’s subsidiaries to continue supporting the bank’s strategic objectives.
What’s next
Equity Bank’s move into the Middle East could give the lender a first-mover advantage in tapping capital and trade links crucial for Africa’s economic growth, as KCB Group and other regional lenders also consider cross-border expansion, particularly into newly liberalized markets like Ethiopia.