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Equity Bank acquires 66.53% stake in Banque commerciale du Congo

With the acquisition, Equity Bank will have two subsidiaries in Congo

Equity Bank, a Kenya-based bank, has acquired 66.53 percent stake in Banque commerciale du Congo, a Congo-based commercial bank, for $95 million.

The acquisition comes few months after Equity Bank abandoned the intention of acquiring four banks from Atlas Mara, a London-listed investment firm, due to the outbreak of Covid-19 pandemic.

Equity Bank’s MD James Mwangi, told the media, “the lender has been fortunate to have the opportunity to acquire two of the most solid banks in the market. ”We are confident that the amalgamation and merger of the two subsidiaries will contribute significantly to the development and transformation of the DRC. Two entities will produce a subsidiary which contributes more than 20 per cent of the Group’s total balance sheet.”

Earlier, the bank took over ProCredit, a German bank. After the acquisition, Equity Bank will have two subsidiaries in Congo. 

It is reported that the acquisition will contribute significantly to the transformation of lives and livelihoods in Congo as most of the African regions still lack access to proper banking facilities. In addition, the deal will produce a subsidiary which contributes more than 20 percent of Equity Bank’s total balance sheet.

As a part of the abandon deal, Equity had plans to acquire banking businesses from ATMA in Rwanda, Tanzania, Zambia and Mozambique. The deal would have paved the way for Equity Bank to foray into the markets of Rwanda, Zambia, Tanzania and Mozambique

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