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[2008-04-23] Equity Bank to Inject Sh75b Into UML
EQUITY Bank of Kenya is to inject in sh75b into Uganda Microfinance Limited (UML) following the signing of a conditional agreement forming a merger.
Dr. James Mwangi, the chief executive officer, told reporters at Hotel Africana on Sunday that the merger would boost business and trade in East Africa.
"It is shareholders teaming up to create a bigger entity in terms of enterprise.
"Equity Bank will inject between sh50-75b into UML," he said.
Founded in 1984 as Equity Building Society, Equity Bank, is the largest listed financial institution by market capitalisation on the Nairobi Stock Exchange.
It has over 70 branches and 350 Automated Teller Machines with up to three million customers.
"We decided to come to Uganda because of the rapid growth rate in terms of development now standing at 7%," Mwangi said.
Charles Nalyaali, the UML chief executive officer, said the merger would not affect their 400 workforce.
