(Bloomberg Businessweek) -- The Kenyan capital is trying to position itself as a regional financial hub—the Dubai of Africa. Nairobi’s banks have expanded to other East African nations but haven’t been as successful in moving into southern, central, and western ones. In April, however, Mwangi led Equity Group, Kenya’s largest lender by valuation, in a deal with Atlas Mara Ltd. that gives it access to Mozambique and Zambia and allows it to expand in Tanzania and Rwanda. In exchange for 6.3% of Equity, Atlas is exiting those four markets. In November, Equity Group made a cash offer for a bank in Congo that it plans to combine with an existing subsidiary there. Mwangi says his company is on course to be in 15 countries by 2026.
To contact the author of this story: David Malingha in Nairobi at dmalingha@bloomberg.net
To contact the editor responsible for this story: Bret Begun at bbegun@bloomberg.net, Jeremy Keehn
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