Equity Bank Group Hits Ksh 1 Trillion Balance Sheet Mark

Equity Group Holdings hit a balance sheet of 1 trillion shillings on Wednesday, becoming the first publicly listed lender in Eastern and Central Africa to reach the milestone, beating other players such as KECB Group and Absa Bank.

In a statement, Equity Group said that the 1 trillion mark on its balance sheet was achieved following the acquisition and integration of its business with Banque Commerciale Du Congo (BCDC).

In August 2020, Equity Group Holdings PLC announced the completion of its acquisition of a 66.53 percent stake in the Banque Commerciale Du Congo (BCDC) at a cost of USD 95 Million.

Equity Group now has two subsidiaries in the Democratic Republic of Congo having earlier acquired ProCredit, a German bank, now Equity Bank Congo. BCDC is the oldest bank in the country, having been established in 1909.

Equity says achieving the trillion-shilling balance sheet lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa, and North Africa for project and development finance.

Speaking when announcing this milestone from Kinshasa Congo where he was witnessing the migration of BCDC to Equity’s core banking platform, Dr. Mwangi said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet.”

The bank is also the most capitalized in East and Central Africa with over Ksh. 142 billion giving it a single lending obligor of Ksh. 35 billion.

READ: Equity Bank Ranks Position 7 In The List Of Top 10 Banks In Africa