June 25, 2009

The Uganda Securities Exchange is one counter larger and Shs1.4 trillion richer after Equity Bank recently became the fifth foreign company to cross-list shares on the market. Overall, the listing makes Equity Bank the 11th company to list shares on the USE. It is also the second time a Kenyan bank is listing on the USE in less than eight months, after Kenya Commercial Bank, which joined late last year.

Kenyan banks appear to be seeking to dominate both the banking industry and the USE.With Equity Bank on the USE, Ugandans have a chance to buy shares in one of the most profitable companies in the region. On its debut at the USE, Equity Bank shares opened at Shs380, then shot up to Shs395 before settling back at Shs390 – offering the first signs of the sort of attention the bank’s counter is set to command.