The East African
Wednesday January 06 2021
Customers wait to gain access to Equity Bank in Eastleigh, in Kenya s capital Nairobi. Equity Group Holdings has been allowed to merge two DRC banks that it acquired. PHOTO | FILE | NMG
Summary
Equity Bank already had operations in the DRC through a subsidiary it established by acquiring an 86.6 percent stake in the German bank ProCredit between 2015 and 2017.
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Equity Group Holdings has received regulatory approval to merge Equity Bank Congo (EBC) and Banque Commercial du Congo (BCDC) to form DR Congo’s second largest lender by assets.
The new bank, to be known as Equity Banque Commercial du Congo (Equity BCDC), holds more than $2.5 billion worth of assets, 74 branches and has a customer base of nearly one million.
Equity Group gets approval to merge two banks in DRC
Thursday December 31 2020
By PATRICK ALUSHULA
Summary
The lender said Wednesday that it has received nod from the Central Bank of Congo and will now proceed to merge BCDC with Equity Bank Congo (EBC), which it bought from ProCredit Bank about five years ago.
The combined outfit will become Equity Banque Commercial du Congo (Equity BCDC) and comes after the lender completed the acquisition of 66.53 percent stake in BCDC last August for $95 million (Sh10.37 billion).
Equity Group chief executive James Mwangi said the merged outfit will have a single obligator limit the maximum amount a bank is allowed to lend a single borrower in relation to the total shareholders fund of Sh4.36 billion ($40 million).
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.