Dec, 24th 2020 – Equity happens to be the most valuable company in East and Central Africa after they finalized the acquisition of the Banque Commercial Du Congo (BCDC). This migration sees the Kenyan Lender cross the sh1 trillion mark in asset value.
James Mwangi, the Equity group chief executive said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet.”
Saying that the benefits to the bank’s customers will be immense, he added, “The bank is also the most capitalized in East and Central Africa with over Sh142 billion, giving it a single lending obligor of Sh35 billion.”
Equity Group has acquired a majority stake in the Congo bank at a cost of sh10.3 billion. Earlier, Equity bank had made plans to acquire London stock Exchange listed Atlas Mara, Citing the challenges faced by Covid-19 pandemic.
This transaction would have seen Equity get a 62 per cent stake in Banque Populaire du Rwanda (BPR) and all of Atlas Mara’s subsidiaries in Zambia, Tanzania and Mozambique.
KCB has however moved to snap up the banks after it signed an agreement with Atlas Mara. It will pay sh3.5 billion for 62 percent stake in BPR and sh872 million for the entire stake in African Banking Corporation Tanzania.
KCB CEO Joshua Oigara in n interview said, “There is not a single other organisation in our market that has reached a trillion shillings, except the government, in terms of assets.”