Equity Bank under siege of giants

Multinational banking institutions operating in the country are reported to have declared cold war on the fast growing Equity Bank.

We have information, fearing the growing niche the indigenous bank is cutting in the baking industry, the international banks which for years have controlled the market are out to create panic among depositors at Equity so there can be a run on the bank causing the institution to collapse.

The aim is to destabilize Equity Bank, sources revealed by pushing to have mud thrown at its senior managers in a bid to smear its image. Recently in parliament, Assistant Minister for Finance, Peter Kenneth defended the institution after it was claimed that the CEO James Mwangi was not fit to head the Bank as he was associated with past financial impropriety.

It was also claimed the CEO had looted Shs 200 billion from a local bank that collapsed which he pumped into Equity.

The issue of who owns shares also emerged in a letter which was written to Finance Minister Amos Kimunya.

Observers of the banking industry say that, the current war on Equity is due to bitter-rivaly by rival competitors.

The bank has been introducing various services targeting small depositors that have not gone down well with established banks in the local market who have been forced to introduce hawking staff to lure clients.

Further it is said, Equity Bank has been winning international and locally recognized awards much to the chagrin of competitors.

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