Equity Group has received regulatory approval to merge its subsidiary Equity Bank Congo (EBC) and Banque Commercial Du Congo (BCDC). Going forward, the new bank will be known as Equity Banque Commercial du Congo (Equity BCDC).
The Group received approval from the Central Bank of Congo to merge the two subsidiaries (BCDC and EBC) into one bank. The Group will also execute planned change of brand identities for the Bank branches and other outlets of both Equity Bank Congo and BCDC.
Equity Group Holdings completed the acquisition of a 66.53% stake in the Banque Commerciale Du Congo (BCDC) in August this year in a transaction worth USD 95 Million. BCDC is the oldest bank in the country, having been established in 1909.
Mr. Yves Cuypers, CEO and Chairman of the Executive Committee at BCDC and Mr. Celestin Muntuabu, Managing Director EBC, and their principal deputies will remain in leadership. The management committee with the combined board members will constitute the pioneer board of Equity BCDC.
Speaking after receiving the approval for merger, Dr. James Mwangi, Chief Executive Officer of EGH said, “This is an important milestone and a great new year gift to our customers in DRC. Equity BCDC will immediately have a single obligor limit of USD 40 million. This will enable our customers in DRC to access higher credit limits to grow and expand their business ventures. At the same time Equity BCDC is now part of an international bank with presence in seven countries (DRC, Kenya, Uganda, Tanzania, South Sudan, Rwanda, and a representative office in Ethiopia) enabling our customers to do cross border trade with ease.”
Customers of both Equity Bank Congo and BCDC can now access banking services such as account opening, cash deposit and withdrawal, cheque deposits and withdrawals, among others in any branch.
Equity Group recently announced that it has crossed the Ksh. 1 trillion ($10 billion) balance sheet mark after the successful migration of BCDC Bank to Equity’s Finacle core banking platform.