Equity Bank has closed seven of their branches in Southern Sudan. The giant lender cited several factors affecting their market in that region, among them political instability and currency devaluation.
The group CEO Dr. James Mwangi revealed that roughly 6 billion has been written off, and staff members retrenched following the closure of the branches.
Mr. Mwangi added that the group investors should treat the business as dormant in Southern Sudan. He said the company is taking a “wait and see” approach.
“We’re waiting for peace to return, but for now, investors should treat the Southern Sudan business as a dormant company, although we will maintain the license.” Mr. Mwangi said addressing AGM in Nairobi last week.
The bank reported a loss before tax of Sh. 528 Million in the Southern Sudan business in the full year period ended December 2016.