Equity Bank Congo, Banque Commerciale Du Congo receive regulatory approval for merger
Equity Group Holdings (EGH) received regulatory approval to merge Equity Bank Congo (EBC) and Banque Commerciale Du Congo (BCDC) to form a new bank - Equity Banque Commercial du Congo (EquityBCDC).
This 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 7.7 % 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 minority shareholders.
To avail the same level of competencies, capabilities and experiences in DRC, and to reap the benefits of the synergies from both entities, Equity migrated BCDC to the Equity Group platform on 14th December 2020. On 29th December 2020, the Group received approval from the Central Bank of Congo to merge the two subsidiaries (BCDC and EBC) into one bank. Bank branches and other outlets of both EBC and BCDC will start to change their name and brand identity to Equity BCDC.
Dr James Mwangi, Group Chief Executive Officer, Equity Group: “This is an important milestone and a great new year gift to our customers in DRC. Equity BCDC will immediately have a single obligor limit of $40 million. This will enable our customers in DRC to access higher credit limits to grow and expand their business ventures. At the same time Equity BCDC is now part of an international bank with presence in seven countries (DRC, Kenya, Uganda, Tanzania, South Sudan, Rwanda, and a representative office in Ethiopia) enabling our customers to do cross border trade with ease.”
The two managing directors, Mr Yves Cuypers and Mr Celestin Muntuabu and their principal deputies will continue providing leadership as the management committee with the combined board members constituting the pioneer board of Equity BCDC. Customers of both Equity Bank and BCDC can now walk into any branch and access services such as account opening, cash deposit and withdrawal, cheque deposit and withdrawal, SWIFT, RTGS, and EFT services, request for bank statements, do internal funds transfers and ATM withdrawals.
Equity Group Holdings has a strong global network of correspondent banks and development finance institutions for the purpose of syndicating development projects and bringing human and capital capabilities of the Group that recently crossed the Kshs 1 Trillion, equivalent to nearly $10B balance sheet mark. This milestone makes Equity the largest company in East and Central Africa in capital and balance sheet size and the second largest company by market capitalisation on the Nairobi Securities Exchange.