Equity bank has completed a purchase worthy Ksh. 10.3 billion to complete the acquisition of 66.53 percent in Commercial Bank of Congo (Banque Commerciale du Congo).
In a statement on Tuesday, the bank noted, “Equity Group Holdings is pleased to inform its shareholders and the public that conditions precedent to the acquisition including the receipt of corporate and regulatory approvals have been fulfilled and/or waived and the acquisition was completed on August 7, 2020.”
The deal, which doubles on the local bank’s presence in the Democratic Republic of Congo (DRC), follows the completion of a share purchase agreement earlier with George Arthur Forrest- the bank’s majority stakeholder.
Equity Group reveled that its payment of Ksh 10.3 billion for controlling the stake, was down from Ksh 11. 4 billion following a discount of Ksh.1.1 billion occasioned by factors such as the COVID-19 pandemic.
Following this takeover, Equity Group will now merge its operations in Democratic Republic of Congo with the existing subsidiary, as the Commercial Bank of Congo will now become another subsidiary of Equity group.
The Equity Group’s recent move goes along with its goal of becoming a Pan-African Bank with a presence in several African countries. Equity bank is found in countries such as Kenya and South Sudan. With the takeover of the Atlas Mara, which is yet to take place, Equity will be in Rwanda, Tanzania, Zambia, and Mozambique.
In Kenya Equity is the Second largest bank by asset base and it is the bank that revolutionized the banking sector as we know it today. Customers can open accounts at the bank at Zero deposit. Moreover, Equity agents are dotted all around the country, giving customers access to financial services. Customers can also make transactions using there mobile phones or online.