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EQUITY TO CLOSE BRANCHES
Rank: Member Joined: 1/13/2009 Posts: 60
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News just in from the grapevine has it that following disastrous EB half year results,Mwangi has given notice of intent to CLOSE all loss making branches before year end........ I see rough times ahead.....the bubble has gone bust!
May we live in interesting times!
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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define distatrous? Zero growth? or losses? Business opportunities are like buses,there's always another one coming Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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This donedeal fellow has nothing + to say about equity. Its obviously ua great joy if anything bad befalls this bank. Therefore,my conclusion points at an employee of another bank,probably a multinational,threatened by EB success. Maybe ua allegations could b true,but prove ua worth by asserting ua neutrality on EB modo...Remember ua loud mouth wen the counter was trading at an all time low of 90 bob? Today? The only reason why some people are still alive is coz its illegal to shoot them!! TULIA.........UFUNZWE!
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Rank: Elder Joined: 11/19/2008 Posts: 1,267
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read the rule of the game here Rules of the game here: Before you post anything think.give facts only..It's a serious blog for serious people....Do not insult your brother....respect one another...Just be good Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
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Rank: Member Joined: 12/8/2008 Posts: 359
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Of course this is not entirely impossible.
However,if true,it would go against the very thing EB has stood for during its growth years. Obviously EB is in business and not charity. But it would be interesting to see how that kind of decision is communicated to customers in a way that does not look like the BBK and Stanchart of yesteryears. That is,in a way that preserves/grows their market share.
As @simonkabz has alluded,the multinationals would definitely go gaga if that were to happen.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Consider this,is there likelihood that Mpesa and/or Zap have made serious inroads into ekuete's turf?
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Rank: Member Joined: 12/13/2006 Posts: 108
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U forget to mention that Equity now has 30 branches in Uganda and will be getting into Rwanda this year. Equity executives already met Paul Kagame in Kigali to lay the groundwork and he wants them there asap. There's no way that M-PESA can replace a bank. (Can you decide to close your bank account just coz of M-PESA?)
The truth is that these EB guys know how to make a buck. In stead of wasting energy trying to 'shout them down' learn a thing or two from them and this will help you to make cash. If you can't learn anything then just buy their shares and ride on their success. In 5 years this counter will be in the triple digits.
Otherwise you'll end up experiencing what many disgruntled but diehard MAN-U haters have had to put up with over so many years.
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Rank: Member Joined: 7/20/2006 Posts: 277
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@mv ufanisi
I will not close my bank account,but transactions will be almost nil,i deal in small amounts of less than 35k/day and all mostly on Mpesa so you can appreciate that rather than me bank the money i also deal on Mpesa,results no more Qs in the Bank.
If EB were to close branches that is also fine as someone noted they are traders looking for shareholder returns.
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Rank: Elder Joined: 11/7/2007 Posts: 2,182
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my fellow sk members,how are you? i am disturbed by the news about eqiuty very much,the closure of this bank will be catastrophic to all,that aside i am led to believe that there is a truth in this matter,i remember i was in nyanga stock brokers when the news of its misrule started. u all know what happened. those who were in discount were defending it in this forum unitl the last minutes and then they went silence. MY fello sk members,as much as you as defend a company,remember that there is a stint of truth even in the worse of lies. its better to be safe than sorry. nyanga and discount turned true..... will this be third prediction to come true in this forum? only time will tell,in the meantime,THINK. hasta la vista LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Haven't seen the story donedeal so weka link or wacha porojo. In any case,if it,I am glad because it shows prudence and business common-sense. In case you are unaware,we have a recession in Kenya. I'm sure you've already cut out unnecessary expenses. Equity is aware and is just cutting its cloth accordingly. Note that given Q2 08's stellar performance due to Safcom IPO,this Q2 was always going to be a challenge... www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Member Joined: 6/26/2009 Posts: 2
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Why are we always so negative about EB let agree it changed the banking industry to be mwananchi friendly,remember the old days of multinational banks?? chapachapaa Sly
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Rank: Member Joined: 1/13/2009 Posts: 60
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Personally i think its a prudent and proactive move; If the branches are yet to breakeven 4 years since they opened,they should be,by all means,shut down! Mwangi may also be sending a message to his management team that he needs to see of results.....nothing wrong with that,is there?
EB did a lot to change the face of banking but lets not fool ourselves that ALL the branches it opened are or will eventually make profits.Its important that organisations review and rationalize their business operations once in awhile and re-engineer them in line with changing marketing trends and prevailing economic circumstances.
As for their half year results,we will have to wait until they are officially announced to confirm whether indeed there was any truth behind the grapevines assertion....
May we live in interesting times!
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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Now,now,now. The half year ended yesterday,June 30th! So what this excitement about? Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow) Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Veteran Joined: 11/4/2008 Posts: 1,289 Location: Nairobi
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I thought banks are now allowed to operate agencies which will be far cheaper to run in some uneconomical areas. They are just taking advantage. Eekwite could have been behind the drafting of new regulation. Remember banks are faced with increased cost of transporting money,thank to Michuki's order on escort cars.
Fundamentals + Sentiments = Position
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Rank: Member Joined: 4/17/2008 Posts: 11
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for long time the haters have predicted doom for equity... we've all waited for this bank to be befallen by a massive financial distress but the reality is that this bank is going no where EQUITY IS THERE TO STAY...
it is high time we changed our attitude on this home made financial power house
just bought a few shares after the split to test the waters @ 13 now at 16 that is a 23% gain .
whether branches are downsized or not that is just a business strategy
Risktaker
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Rank: Member Joined: 6/19/2009 Posts: 7
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hey guys I think we should go slow on this.......have you ever asked yourself why big banks that have been here for years or even new ones e.g Citi bank that originate from USA the world strongest economy havent grown that fast.Remember this is the economy with akina STANFORD and MADOFF.I dont need to tell you much
@
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Rank: Member Joined: 4/2/2007 Posts: 5
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'following disastrous EB half year results'
@donedeal The half year results came out before the half year was over????
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Rank: Member Joined: 1/13/2009 Posts: 60
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@jtheuri,In case you are not aware,we are on 2nd July,2009 in the 21st Century !which basically means tentative figures are out by the minute with + or - margin of error! Thanks to Technology ....Surprised?Habari ndiyo hiyo!
May we live in interesting times!
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Rank: Member Joined: 7/1/2008 Posts: 13
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Yah Quite true,I heard banks consolidate d know their profits on a daily basis. But then again wouldn't that mean they already knw things were bad even before books closed for the half year?
Banks will have it rough this year but not as much as manufactering companes and value adding companies.
was looking at Nedbank & Standard down south and things aint rosy for all banks across the board
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Rank: Member Joined: 7/1/2009 Posts: 2
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Hope mwangi will work on the same and dont disapoint!
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