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Monday, August 20, 2007

Who Is Behind the Emails And Rumors Against Equity Bank?

It is not too difficult to figure out who is behind the nasty anti-Equity emails because the bank's enemies are well known.

In the days of TradeBank several big banks spread many nasty runours against TradeBank and the fact that the bank ended up being closed laid credence to a lot of the rubbish they were talking under the table.

There have even been cases where fights have almost broken out in the field between employees of banks like Barclays and Equity.

The truth is that the big foreign banks in Kenya believe that Equity have taken away their clients (whom they consider their birth right). The reality is a little different. Once upon a time big banks in Kenya were getting pretty fat on high interest government treasury bills that were at one point paying out close to 80 per cent interest that they decided they did not want to bother with small accounts. This was around 1992 the year when Equity missed receivership by a whisker. It was quickly decided that the then building society change its focus from mortgages to banking services to meet the needs of many Kenyans who had resorted to putting their cash under pillows after all the big banks went on a campaign to close small accounts. What followed is the staff of legend at the bank. It is said that many customers came to Equity with their paltry cash while crying after the harsh words arrogant managers ate banks like Barclays and Standard had shouted at them. The rest as they is history.

Today when the high interest treasury bills are no more and the business environment has changed so that the money (and growth opportunities) are again with the masses, Barclays and Standard have come back with hat in hand to the same depositers they sent away with tears. Many of them have the memories still fresh on their minds and are not playing ball. This has upset many senior managers at these foreign banks.

Then there is the fierce rivalry Equity has with banks like Family Finance. Have you wondered why Equity does not have any branches in places like Limuru and indeed most of Kiambu?

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Kenyans should join hands in exposing the malicious and selfish people forwarding the emails full of false accusations against Equity. The really sad thing here is that a rumour is enough on its' won to bring down a bank and that is exactly what somebody is trying to do here.

From the harsh comment I received in this blog from somebody asking me to "stick to political rumour-mongering" and leave banking to experts, I immediately got suspicious and my research has confirmed most of my suspicions. I am well aware that there is a lot of anti-Kikuyu sentiment out there, but this once let's spare this excellent local company. Do we want to forever remain without strong local banks in Kenya just because some foreign banks think that they have some birth right to Kenyan customers?

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1 comment:

bloggeratti said...

Got this tidbit from some harassed branch manager at the "eagle" bank! Apparently, their daily target for loan sales is 3m. Fail to hit that and the Auditor from home office back in Brown-land comes calling with a little white envelope telling u the obvious - YOUR FIRED.
Desperate times call for desperate measures- hence the hatemail against Equity...

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