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Equity Bank Congo & BCDC Bank receive approval to merge
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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.
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.
THE STANDARD By
Dominic Omondi |
December 24th 2020 at 00:00:00 GMT +0300
Equity Bank is now the most valuable company in East and Central Africa after the bank finalised the acquisition of Banque Commercial Du Congo (BCDC).
The migration of BCDC into Equity’s balance sheet has seen the Kenyan lender cross the Sh1 trillion mark in asset value.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” said James Mwangi, the Equity Group chief executive.
He said that the benefits to the bank’s customers will be immense.
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“The bank is also the most capitalised in East and Central Africa with over Sh142 billion, giving it a single lending obligor of Sh35 billion,” he added.