NAIROBI, Kenya, Sep 9 – Equity Group Holdings is set to expand in the Democratic Republic of Congo as it acquires a stake in Commercial Bank of Congo (BCDC).
In a statement, the bank announces that it intends to merge the second largest bank in the Democratic Republic of Congo with its current subsidiary in the DR Congo.
Equity Chief Executive Officer James Mwangi said the move will help the bank further penetrate in the African market.
“By acquiring BCDC, Equity will be able to expand its footprint in Africa. Through the proposed transaction, EGH aims to provide access to competitive, tailored financial services to improve people’s lives and livelihoods whilst also delivering significant value to its stakeholders,” the Equity CEO said in a statement Monday.
The bank has also witnessed similar transactions happening Zambia, Mozambique, Tanzania, and Rwanda.
Mwangi further said the proposed transaction allows the bank to invest in better services across the African continent.
“The Proposed Transaction is an opportunity for EGH to deliver the vision of building sub-Saharan Africa’s premier financial institution through delivering innovative products and services to customers, including, in particular, the effective use of technology,” Mwangi said.
In April, Equity Bank and Safaricom also signed a partnership that will see both institutions leverage their relatively matured fintech offerings, with each taking advantage of their wide user base and agency networks to roll out products and services that could dynamically shift the regional fintech sector.
Commercial Bank of Congo (BCDC) is the second-largest bank in DR Congo and the most profitable in the region with an asset base of about $700 million.