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.
Equity assets hit Sh1 trillion mark
Thursday December 24 2020
By CONSTANT MUNDA
Summary
Managing director James Mwangi said the Sh1 trillion balance sheet puts the lender ahead of all banks in east and central Africa in asset value, helping improve its “visibility” to international investors.
The migration of Banque Commerciale Du Congo’s (BCDC’s) assets after acquisition on August 7, Mr Mwangi said, has catapulted Equity ahead of KCB Group #ticker:KCB whose balance sheet stood at Sh972 billion in September.
Equity Group #ticker:EQTY has crossed the Sh1 trillion asset threshold on transfer of newly-acquired Congolese bank’s wealth to its books, setting it on stage to compete for big-ticket financing deals on the continent.
Equity Group crosses Ksh. 1 trillion balance sheet mark after acquisition of BCDC Bank
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Equity Group has announced that it has crossed the Ksh. 1 trillion ($10 billion) balance sheet mark after the successful migration of BCDC Bank to Equity’s Finacle core banking platform.
BCDC customers will enjoy a shared platform that Equity Group operates in six countries, giving them access to a multi-currency and multi-country platform that supports real time cross border transactions.
Speaking when announcing this milestone from Kinshasa Congo where he was witnessing the migration of BCDC to Equity’s core banking platform, Dr. Mwangi said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet. ” He added, “The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh. 142 billion giving it a single lending obligor of Ksh. 35 billion. Equit
THE STANDARD By
Sara Okuoro |
December 23rd 2020 at 13:02:00 GMT +0300
Equity Group CEO Dr James Mwangi.
Equity is the first bank in East and Central Africa to achieve the trillion-shilling balance sheet milestone after migrating Banque Commercial Du Congo (BCDC) to its core banking platform.
The one trillion mark by Equity lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa and North Africa for project and development finance.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” said Equity Group CEO Dr James Mwangi.
THE STANDARD By
Sara Okuoro |
December 23rd 2020 at 13:02:00 GMT +0300
Equity Group CEO Dr James Mwangi.
Equity is the first bank in East and Central Africa to achieve the trillion-shilling balance sheet milestone after migrating Banque Commercial Du Congo (BCDC) to its core banking platform.
The one trillion mark by Equity lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa and North Africa for project and development finance.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” said Equity Group CEO Dr James Mwangi.