Equity Building Society, which has experienced rapid growth over the last two years has filed a  notice to convert from a building society into a banking institution.

This is an interesting development considering that there has been a moratorium on Banking licenses at the CBK over the last few years – although earlier this year, Credit Agricole Indosuez quietly became Bank of Africa (or something like that).

Back to Equity, they have called for two meetings on Saturday 11th December at the Grand Regency Hotel; one at 10 a.m. that is a special general meeting for members and the second at 11 a.m. will be for depositors and creditors. Both will be asked to

• (i) approve conversion from a building society to a banking institution.
• (ii) approve the transfer of assets & liabilities of the society to those of a company.