Nairobi, Aug. 20 -- Equity Group Holdings has acquired an asset management license, joining a growing list of banks seeking to lock in customer deposits through investment in high-earning schemes.

The lender disclosed that it was setting up a stand-alone asset management unit to woo customers seeking higher returns than those offered for fixed deposit accounts.

"We are working on setting up asset management because we have read the market. The market in the past has relied on banks' savings accounts, but it looks like now the market wants high-earning assets as opposed to savings," Equity Group chief executive James Mwangi said.

"We've obtained a license for asset management, and we think it will be a formidable business, given the bra...