Bank partners with European bank to transform branches into SME centres

An equity bank branch PHOTO COURTESY

Nairobi,KENYA: Equity bank has partnered with the European investment bank to transform branches into SMEs centres.

The European investment bank signed a technical assistance programme that would facilitate the bank in its plan.

Other than the technical assistance program, the bank received sh 8.25 billion from the bank to facilitate loans to entrepreneurs and SMEs in the region.

The funds are marked for the subsidiary banks in Kenya, Tanzania and Uganda.

The bank C.E.O who spoke during the signing on Wednesday said the increased loan facility would enable the bank support more SME’s.

‘‘With this facility of sh. 8.25 billion (EUR 75 million) we will be in a position to support up to 1000 regional companies with an average loan of nearly sh. 10 million each thus assisting develop local entrepreneurs to compete at regional level furthering integration and cross border trade.” Mwangi said.

Last year, the Bank got an increase in its liquidity ratio after customers from other banks moved their deposits to banks they deemed more stable following integrity issues that rocked banks such as Chase bank and Dubai Bank.