Equity Group Holdings PLC has announced the completion of its acquisition of the 66.53% stake in the Banque Commerciale Du Congo (BCDC) in a transaction worth USD 95 Million. BCDC is the oldest bank in the country, having been established in 1909.
As a result, Equity Group now has two subsidiaries in the Democratic Republic of Congo having earlier acquired ProCredit, a German bank, now Equity Bank Congo. The two subsidiaries are the second and fourth largest banks in the DRC and are expected to be merged. The merger will produce a bank with a balance sheet of over USD 2 Billion and is expected to contribute more than 20% of the Group’s total balance sheet.
Dr. Mwangi, the Group Managing Director and CEO of Equity Group Holdings Plc, had this to say, “We are glad that we now have the size and countrywide infrastructure that can bring our experience and capability to contribute significantly to the transformation of lives and livelihoods in DRC, while stimulating economic transformation of the country through resource allocation. The addition of and amalgamation with BCDC will put Equity Group Holdings Plc on the path to become a Kshs 1 trillion balance sheet business, that will benefit from economies of scale.”