Equity Group Holdings increased its stake in Equity Bank Congo (EBC) by another 7.7 percent, taking its total holding to 94.3 percent.
According to its 2020 Annual Report, the transaction was valued at 996 million shillings from German sovereign wealth fund KfW as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo.
“On November 27, 2020, Equity bought shares previously held by KfW in Equity Bank Congo S.A. for a consideration of $9 million (KSh996 million),” said the lender.
On September 30, 2015, the Kenyan lender acquired 79 percent of Equity Bank Congo S.A, merging with Banque Commerciale Du Congo (BCDC), in which it had recently acquired a 66.53 percent stake at a cost of $95 million (KSh10.2 billion).
The bank was renamed EquityBCDC, it has an asset base of $3 billion (KSh322 billion). “Post-merger, Equity holds 75.5 percent in EquityBCDC with the remainder being held by IFC (International Finance Corporation), the government of DRC and other minority shareholders,” the lender says in the report.
Read More:
- Equity Bank Group Hits Ksh 1 Trillion Balance Sheet Mark
- Mastercard partners with Billetera To Offer Digital Payment Solutions
Last year, Equity Group Holdings hit a balance sheet of 1 trillion shillings, 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 marks on its balance sheet were achieved following the acquisition and integration of its business with Banque Commerciale Du Congo (BCDC).