Kenya: Equity Bank wants to buy Britam’s stake in HF Group

Equity Bank Kenya Limited announced on Monday (November 8th) its intention to buy Britam’s stake in HF Group, a mortgage finance provider in Kenya. The Nairobi-based bank has said it will review its stake in HF, seven years after selling its 24.7% stake to the insurance group.

Last March, insurer Britam announced it was selling its majority stake in HF Group to focus on the insurance business. With this in mind, the company plans to sell part of its stake in HF Group to one of the country’s major banks as part of the review of its investment portfolio.

“We left HF Group … but if he became available, we would assess him as we assess other opportunities,” James Mwangi, CEO of Equity, told reporters.

In recent times, the bank has focused on expansion by expanding its customer base and adding physical branches. This by promoting acquisitions abroad in markets such as the Democratic Republic of the Congo.

Founded in 1984, Equity bank operates in several African countries including Tanzania, Rwanda, Burundi, South Sudan and Uganda.

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