Equity Group has received regulatory approval to merge Banque Commerciale Du Congo (BCDC) with Equity Bank Congo (EBC).
The combined outfit will become Equity Banque Commercial du Congo (Equity BCDC) following the acquisition of 66.53 per cent stake in BCDC for $95 million (KSh10.37 billion).
Equity Group chief executive James Mwangi said 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 KSh4.36 billion ($40 million).
“This will enable our customers in DRC to access higher credit limits to grow and expand their business ventures,” said Mr Mwangi.
On leadership, the two managing directors, Mr Yves Cuypers and Mr Celestin Muntuabu and their principal deputies will continue providing leadership as the management committee with the combined board members constituting the pioneer board of Equity BCDC.
Equity Group Holdings Plc, a financial services company is listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.
In addition to Equity BCDC, the Group has banking subsidiaries in, Kenya, South Sudan, Uganda, Rwanda, Tanzania, DRC, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.