Here is Why Pro Credit Bank in Congo Changes Name to Equity Bank Congo

By Soko Directory Team / July 23, 2018




Pro Credit Bank, a subsidiary of Equity Group with operations in the Democratic Republic of Congo, has changed its name to Equity Bank Congo three years after Equity first announced the acquisition of the SME-focused lender.

Equity first acquired a 79.0 percent stake in Pro Credit Bank in September 2015 for 4.5 billion shillings in a share swap deal that saw the bank issue 70.8 million shares to investors exiting the subsidiary.

The transaction effectively valued the DRC-based lender at 5.7 billion shillings, an equivalent to 80.5 shillings per share.

Equity Group then acquired another 7.0 percent stake for 2.2 billion shillings in cash, an indication of its confidence in the future prospects of the bank.

Equity is among Kenyan lenders with ambitious growth strategies to gain market share in retail banking both locally and in the Eastern Africa market, as they seek fresh income streams in the wake of a tighter regulatory environment in the local market, which has capped the pricing of loans to 4.0 percent above the Central Bank Rate (CBR).

The Robin Hood Tax

The implementation of the “Robin Hood” tax of 0.05 percent on transactions worth 500,000 shillings and above has been suspended by the High Court, following a move by the Kenya Bankers Association (KBA) seeking to suspend the implementation of the tax.

Justice Wilfrida Okwany, in the conservatory orders issued on Thursday, noted that the petition raised fundamental constitutional concerns, among them being the principle of public participation. The Attorney-General, Mr. Kihara Kariuki, had termed the quest to suspend the Robin Hood tax premature as Parliament has not passed the relevant Bill into law.

The Attorney General took the position in response to KBA’s opposition to the tax on grounds that there was no stakeholder engagement prior to the operationalization of the law as required by the Constitution. The AG and the Kenya Revenue Authority (KRA), argued that Parliament has already invited public participation on the Finance Bill 2018, according to banks an opportunity to present their views on the Bill.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2018
  • January 2018 (291)
  • February 2018 (220)
  • March 2018 (279)
  • April 2018 (226)
  • May 2018 (240)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (250)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (286)
  • December 2018 (103)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (196)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (167)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (250)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (171)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950