Equity Bank closes seven branches in South Sudan File photo: Equity Bank CEO James Mwangi
Kenya’s Equity Bank Group has decided to shut down more than half of its branches in war-ravaged South Sudan due to a battered local currency and tough economic conditions, the group’s chief executive officer said. James Mwangi, Equity's chief executive, told a shareholder meeting that the bank had closed seven of its 12 branches in South Sudan.“I would like to ask shareholders to treat South Sudan as a dormant company. We are just maintaining a licence and you can’t maintain a licence unless you’re open,” Mwangi said at the company’s annual general meeting yesterday.Since December 2016, Equity held assets worth Sh. 11.1 billion in South Sudan.However, the business was reportedly operating in tough conditions, recording net interest loss of Sh. 55 million and a loss before tax of Sh. 528 million.“Last year, that devaluation caused us to write off a loss of Sh. 6 billion ($58.14 million). It is not performance; it is what you could call an economic meltdown,” he said. Share this -- To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] Visit this group at https://groups.google.com/d/forum/southsudankob View this message at https://groups.google.com/d/msg/southsudankob/topic-id/message-id For more options, visit https://groups.google.com/d/optout --- You received this message because you are subscribed to the Google Groups "South Sudan Info - The Kob" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at https://groups.google.com/group/SouthSudanKob. To view this discussion on the web visit https://groups.google.com/d/msgid/SouthSudanKob/CAJb14orRp3NEG9HSFzN17%2B2_9ccqg3b7S9bEWJ_%2BUEWscQ3sfw%40mail.gmail.com. For more options, visit https://groups.google.com/d/optout.
