Equity Building Society, which has experienced rapid grwoth over the last two years has filed notice to convert from a building society into a banking institution.
This is an interestign development considering that there has been a moratorium on Banking licenses at th CBK over the last few years - although earlier this year, Credit Agricole Indosuez quietly became Bank Africa (or something like that)
Back to Equity they have called for two meetings on Saturday 11th December at the Grand Regency - one at 10 a.m. 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 convesrion from a building society to a banking institution (ii) approve the transfer of assets & liabilities of the society to those of a company.
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