Equity Group has further entrenched its roots into the Congolese financial market following the acquisition of 66.53% stake of Banque Commercial Du Congo. This gives the group two subsidiaries in Congo having earlier acquired ProCredit, a German bank.
The bank acquired the stake at Banque Commercial Du Congo a cost of USD 95 million bank.
“We have been fortunate enough to have had the opportunity to acquire two of the most solid banks in the market. With the second and the fourth -largest banks in the country being our subsidiaries, we are confident that the amalgamation and the merger of the two subsidiaries will produce a combined bank with a balance sheet in excess of USD 2Billion with the capacity and capability to contribute significantly to the development and the transformation of the Democratic Republic of Congo,” says the CEO of Equity PLC, Dr.Mwangi.
Dr. Mwangi further notes that the move to merge will produce a subsidiary that contributes to more than 20 percent of the Group’s total balance sheet.
