Equity Group that runs Equity bank has received regulatory approval to merge the newly acquired Banque Commerciale Du Congo (BCDC) with the unit it has been operating in the market since 2015.
According to the bank, it received the go-ahead from the Central Bank of Congo and will now continue with its plans to merge with Equity Bank Congo (EBC) which it acquired from ProCredit Bank five years ago.
James Mwangi, Equity Group Chief Executive Officer, “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).”
He added that “This will enable our customers in DRC to access higher credit limits to grow and expand their business ventures.”
“Our customer will access with ease the advanced digital banking, and merchant banking services with a suite of payment cards from international card associations,” he said.
Equity holds 86.6 percent shareholding in EBC and the merger will see its stake in Equity BCDC become 77.5 percent. International Finance Corporation, DRC government and minority shareholders, holds the other stake.
Accordingly, the bank said the Managing Directors of the two banks—Yves Cuypers and Celestin Muntuabu—and their Principal Deputies will continue serving in the management committee with the combined board members forming the pioneer board of Equity BCDC.
All branches and other outlets of both EBC and BCDC will have their name and brand identity change to Equity BCDC after the merger.
The resultant outfit will become Equity Banque Commercial du Congo (Equity BCDC).
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