The bank, through its chief executive, Mr. James Mwangi has submitted an application to the Central Bank of Southern Sudan and hopes it will be granted.

The venture will cost up to Sh500 million.

When the plan comes to fruition, the bank will be joining other local firms that continue to spread tentacles into the region such as Kenya Commercial Bank and Bidco Oil Company.

The bank started as a small rural building society in central Kenya and is home to 48 per cent of all bank accounts in East Africa’s biggest economy.

Equity Bank expects a 200 per cent rise in pre-tax profits for the whole of this year. In the first half, Equity bank had Sh3.1 billion, an increase of 200 per cent from last year.

The full year looks good and the recovery of the economy is very promising. The bank grew in the first half of the year, in spite of a tough environment, so prospects for the second half look even better.

In the first half, the loan book increased by Sh10 billion. This will be fully earning in the second six months, after building the book in the first six. Hence, adding to the confidence that second half will be better.

The bank planned to spend Sh3 billion in dealing with waiting time at the bank’s branches and also plans to put up 40 new branches, a mobile phone banking platform, point of sales like in supermarkets and an additional 200 automated teller machines.

The money will come from a Sh11 billion capital injection by private equity group Helios, which acquired 25 per cent of the bank late last year. The rest of the funds will finance expansion in East Africa.

Equity acquired Uganda Microfinance Limited in June at a cost of 1.66 billion shillings.

It issued additional shares, which represent 2.2 per cent of the bank in the all-share deal to the directors of UML, in return for 100 per cent of the Ugandan institution.

Equity also has a 25 per cent stake in mortgage firm Housing Finance.