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Wednesday, May 27, 2020

Equity restructures Sh. 92 billion customer loans for up to 3 years

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Equity Bank Loan Restructuring: Equity Bank Group has restructured customer loans worth Sh. 92 billion. This comes as the latest bid by the bank to shore up its customers in the wake of the ravaging impact of coronavirus.

The loan restructuring is equivalent to about 25 percent of its net loans at the end of last year. The accommodation includes principal and/or interest repayment breaks or reduction of repayment installments. “We have been persuaded to think anew and act anew and hope that our initiative will provide stability, a steady hand and hope for our clients and customers for the road ahead and dial their fear down so that together we can save jobs, survive, preserve agility, flexibility and capacity to bounce back not only to survive and recover but to recover and succeed,” Equity Bank chief executive officer Dr. James Mwangi said.

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He added that Equity Bank will play to its capital strength, balance sheet agility, and liquidity to support a long-term view and walk its customers throughout the crisis.  “We want to give every client a chance to turn the crisis into an opportunity to thrive,” he said.

In addition, Dr. Mwangi said that in addition to working with its customers, the Group has forged alliances with Kenya Association of Manufacturers (KAM), Kenya National Chamber of Commerce and Industries (KNCCI) as well as the Kenya Micro and Small Enterprises Authority (MSEA). The alliance, with support of the Mastercard Foundation is aimed at synergizing and working together to mitigate the adverse effects of the current economic slowdown through capacity and resilience building to preserve and create 5 million jobs. Equity Bank Loan Restructuring.

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