Equity Bank Congo and Banque Commerciale Du Congo get regulatory approval for merger

DRC – Equity Group Holdings Plc. (UGH) has received regulatory approval to merge Equity Bank Congo (EBC) and Barque Infomercial Du Congo (BCDC) to form a new bank. Going forward, the new bank will be known as, Equity Banque Commercial du Congo (EquityBCDC). The move follows EGH’s acquisition of 66.53% shareholding of BCDC from the family of George Forrest, combined with prior EGH 86.6% shareholding in EBC and an additional EBC shareholding of 7.75% acquired from KFW during the year. Post-merger, EGH holds 77.5% in Equity BCDC with the remainder being held by IFC, the Government of DRC and…

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Equity Group gets approval to acquire majority stake Congolese lender for US$105m

DRC – Equity Group, a financial services holding company, has got the green light to acquire KSh10.9 billion (US$105 million) controlling stake in Banque Commerciale du Congo (BCDC), one of the top banks in the Democratic Republic of Congo, in a deal that will deepen its influence in the populous Central African country. According to Business Daily, the stake is currently held by George Arthur Forrest family, one of the wealthiest families in DRC and Equity had approached it last year. The clearance paves the way for Equity to finalise…

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Equity Bank set to spend US$17m in DRC bank acquisition deal

KENYA – It could cost Equity Group at least $170 million (Sh17.6 billion) to acquire DRC Congo’s second largest lender Banque Commerciale du Congo (BCDC) based on the price multiple of the lender’s previous DRC acquisition. According to Business Daily, The Standard Investment Bank (SIB) estimate is based on BCDC’s book value at the end of 2018 and the price Equity paid to settle the 2015 deal when acquiring ProCredit Bank, another DRC bank. Martin Kirimi, SIB senior associate research analyst, said given that BCDC is much stronger than ProCredit…

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Equity Bank in talks to buy another DRC lender to expand its footprint

KENYA – Equity Group Holdings’ board of directors have announced the signing of a non-binding agreement with shareholders of Banqué Commerciale du Congo (BCDC) to acquire the majority stake. Banque? Commerciale du Congo (BCDC) is the second largest bank in Democratic Republic of Congo. Equity bank will acquire the stake through a cash transaction and merge it with its local subsidiary Equity Bank Congo. The transaction will also be applicable to regulatory approvals from the Capital Markets Authority, the Central Bank of Kenya, the Central Bank of Congo and competition…

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