Home | News    Friday 26 May 2017

Kenya’s Equity bank closes seven branches in S. Sudan

separation
increase
decrease
separation
separation

May 25, 2017 (JUBA) - Kenya’s Equity Bank Group has announced the closure of seven of its branches operating in war-torn South Sudan over the deteriorating economy, weak currency and hyperinflation.

JPEG - 28.7 kb
Equity Bank South Sudan CEO James Mwangi (Gurtong)

The bank’s chief executive officer, James Mwangi confirmed the closure of seven of the bank’s 12 branches in the East African nation.

"Because of uncertainty, and because of a lack of peace, we have been forced to reduce those branches," said Mwangi, while addressing various stakeholders in the capital, Juba on Tuesday.

Four years of conflict in South Sudan’s has seen a decline in the country’s oil production, yet oil still accounts for more than 90% of its annual budget.

Since December 2016, Equity bank has reportedly held assets worth Sh. 11.1 billion in South Sudan. However, the business was said to be 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,” said Mwangi.

KCB Group, East Africa’s biggest bank by assets recently said it was shutting more branches due to hyperinflation and shortage of dollars. KCB was one of the first foreign banks to move into South Sudan more than a decade ago.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 26 May 06:18, by Sunday Junup

    Kuch,kuch Native and South South,
    Kenyan Banks are closing down because of insecurity, is it true that no Peace?

    repondre message

  • 26 May 06:36, by jubaone

    We know there is NO war in jiengeland. We also know that over 80% of state resources are controlled by, are for and are with the jienges. They should simply take these banks to do investments in their areas. These Kenyan banks have abetted laundering and siphoning off of our monies. Fact is these jienge thieves have run 🏃 from their luaks and DON’T intend to return, rather squat in Equatoria. Pat

    repondre message

  • 26 May 08:44, by Eastern

    "Because of uncertainty, and because of a lack of peace, we have been forced to reduce those branches," said Mwangi, while addressing various stakeholders in the capital, Juba on Tuesday. Mwangi is a BLOODY Kikuyu lier! What uncertainty and lack of peace is he talking about? There is peace being implemented by Kiir and Taban. What Mwangi said amounts to treason!!!!

    repondre message

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


South Sudan Conflict: SPLM is the problem and the solution 2017-06-23 23:55:36 By Tor Madira Machier, Since its inception more than 30 years ago, the fractured Sudan People's Liberation Movement, the SPLM has been the reason for the suffering the South Sudanese have been (...)

The Nile Basin Cooperative Framework Agreement: The impasse is breakable! 2017-06-22 04:51:22 By Salman M.A. Salman A summit of the head of states of the Nile Basin countries is planned for June 22, 2017, in Entebbe, Uganda, to discuss the impasse over the Nile Basin Cooperative (...)

Sudan, Libya, and Support for Radical Islamic Militants: A Vignette 2017-06-21 23:24:54 By Eric Reeves | June 21, 2017 In October 2014, I analysed some of the implications of minutes reflecting the deliberations of the most senior military and intelligence officials of the National (...)


MORE






Latest Press Releases


HRW denounces "collective punishment" in South Sudan’s Wau 2017-04-15 07:06:48 Human Right Watch South Sudan: New Spate of Ethnic Killings Urgent Need for Justice; UN Should Increase Patrols in Wau (Nairobi, April 14, 2017) – Government soldiers and allied militias (...)

Statement by South Sudanese Communist Party on the National Dialoguel 2017-03-22 05:44:42 The Communist Party of South Sudan On the Initiative of the National Dialogue The initiative taken by the President of the Republic of South Sudan declaring a need for a national dialogue is an (...)

An Appeal to President of the Republic of South Sudan 2017-03-15 07:22:45 Dear. Mr. President, I write to appeal to you for the release of political detainees now in the custody of the National Security Service at Jebel and other detention facilities. In doing this, I (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.