The bank’s chief executive officer, Mr. James Mwangi said the move was the expansionist bank’s next strategy.

Through the IPO, the strategic partners, who hitherto have served their purpose, need to have their share in the bank diluted and the investment returned to Kenyans.

Foreign investors own 35 per cent of the listed bank’s shares while 65 per cent were held by 10,000 locals who include the bank’s staff.

However, Mr. Mwangi did not state the percentage of shares the foreign investors would cede.

London-based Helios EB is among the foreign shareholders. It snapped 24.99 per cent of shares last year at a cost of Sh11 billion.

Others are Africap which includes International Finance Corporation, World Bank and European Investment Bank. Local firm British American Insurance also owns shares in the bank.

The bank sought foreign investors to cushion it against political interference that led to the collapse of some indigenous financial institutions.

From next week customers at Equity Bank will be able to make at least 15 transactions using mobile phones in a bid to remove more people from the banking halls.

The bank also intends to open seven branches in northern Kenya to serve more sectors. The bank will open a total of 50 branches this year, with 20 in Nairobi already operational.

For the institution to reach more of the unbanked, the number of ATMs will be increased to 700 by end of the year while agency agreements would be signed with at least 20,000 outlets including petrol stations and supermarkets.