Kenya's Equity to become biggest foreign bank in DRC

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May 11, 2013
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Equity Group Holdings Ltd is set to become the Democratic Republic of Congo’s biggest foreign bank after completing its acquisition of BCDC — the country’s second-largest lender.

Equity Bank, which is listed on the Nairobi Securities Exchange (NSE) and cross-listed on the Uganda and Rwanda stockmarkets, already has a foothold in the DRC through Equity Bank Congo, re-named after the acquisition of 86 percent shareholding of ProCredit Bank between 2015 and 2017.

The combined BCDC and Equity Bank Congo balance sheets will give the lender a total assets base of $2 billion, only second to Rawbank, which had an asset base of $2.1 billion as at December last year.

ProCredit had German roots, while Banque Commerciale Du Congo (BCDC) was majority-owned by a Belgian family.

“We have been very lucky to have acquired two strong European banks in DRC — ProCredit and BCDC. These banks were developed using European standards and supervised by European regulators. BCDC is listed in Belgium. We have denied competition any easy entry into that market, so competition will be very low for us because we shall be competing against indigenous family banks,” said Equity Group CEO James Mwangi in an interview.

Equity Bank, which is Kenya’s second-largest lender by profitability, last week completed the acquisition of a 66.53 per cent stake in BCDC, at a cost of $95 million.

Source: The East African
 
Equity Group Holdings Ltd is set to become the Democratic Republic of Congo’s biggest foreign bank after completing its acquisition of BCDC — the country’s second-largest lender.

Equity Bank, which is listed on the Nairobi Securities Exchange (NSE) and cross-listed on the Uganda and Rwanda stockmarkets, already has a foothold in the DRC through Equity Bank Congo, re-named after the acquisition of 86 percent shareholding of ProCredit Bank between 2015 and 2017.

The combined BCDC and Equity Bank Congo balance sheets will give the lender a total assets base of $2 billion, only second to Rawbank, which had an asset base of $2.1 billion as at December last year.

ProCredit had German roots, while Banque Commerciale Du Congo (BCDC) was majority-owned by a Belgian family.

“We have been very lucky to have acquired two strong European banks in DRC — ProCredit and BCDC. These banks were developed using European standards and supervised by European regulators. BCDC is listed in Belgium. We have denied competition any easy entry into that market, so competition will be very low for us because we shall be competing against indigenous family banks,” said Equity Group CEO James Mwangi in an interview.

Equity Bank, which is Kenya’s second-largest lender by profitability, last week completed the acquisition of a 66.53 per cent stake in BCDC, at a cost of $95 million.

Source: The East African
Hku huwezi waona
 
Equity Group Holdings Ltd is set to become the Democratic Republic of Congo’s biggest foreign bank after completing its acquisition of BCDC — the country’s second-largest lender.

Equity Bank, which is listed on the Nairobi Securities Exchange (NSE) and cross-listed on the Uganda and Rwanda stockmarkets, already has a foothold in the DRC through Equity Bank Congo, re-named after the acquisition of 86 percent shareholding of ProCredit Bank between 2015 and 2017.

The combined BCDC and Equity Bank Congo balance sheets will give the lender a total assets base of $2 billion, only second to Rawbank, which had an asset base of $2.1 billion as at December last year.

ProCredit had German roots, while Banque Commerciale Du Congo (BCDC) was majority-owned by a Belgian family.

“We have been very lucky to have acquired two strong European banks in DRC — ProCredit and BCDC. These banks were developed using European standards and supervised by European regulators. BCDC is listed in Belgium. We have denied competition any easy entry into that market, so competition will be very low for us because we shall be competing against indigenous family banks,” said Equity Group CEO James Mwangi in an interview.

Equity Bank, which is Kenya’s second-largest lender by profitability, last week completed the acquisition of a 66.53 per cent stake in BCDC, at a cost of $95 million.

Source: The East African
Sisi Wakenya ndio tunafukuza Germans and Belgians from DR Congo. Waafrika wengine watupongeze for decolonizing Africa.
 
Straight Outta Kangema, Murang'a.
images
Courtesy of James Mwangi the genius. Hard to believe that Peter Munga, son of a housemaid and a father imprisoned for being a Mau Mau sympathiser, started Equity Bank(formerly Equity Building Society) with only 5,000 KES!
 
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