Equity Group Holdings Plc (EGH) has completed its acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), as part of its regional expansion strategy.
After meeting all regulatory and corporate approvals, the acquisition was finalized on November 30, 2023.
EGH now owns 198,250 shares, representing 99.1250% of COGEBANQUE’s issued share capital, making COGEBANQUE its subsidiary.
EGH had previously disclosed its intention to acquire 91.93% of COGEBANQUE’s issued shares from the Government of Rwanda, the Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni (the Sellers) on June 14, 2023.
Rwanda’s Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana welcomed the acquisition, saying, “The consolidation of Equity Bank Rwanda Plc and COGEBANQUE will create a stronger and more resilient banking institution better equipped to serve the needs of the people of Rwanda and will contribute to Rwanda’s economic growth and development.”
Dr James Mwangi, the Managing Director and CEO of EGH, said, “We are delighted to welcome COGEBANQUE’s employees and customers to Equity Group. Through our focus on innovation, cutting-edge technology, and superior service, we aim to provide enhanced financial services, improve lives, expand opportunities for wealth creation, and deliver significant value to all our stakeholders in Rwanda.:
“The eventual merger of COGEBANQUE and Equity Bank Rwanda will consolidate Equity Group’s position in Rwanda and support delivery of its overarching strategy, the Africa Recovery and Resilience Plan. The expansion of Equity Group’s business in Rwanda aims to bolster Rwanda’s financial services landscape and fortifies the Group’s commitment to catalyzing socio-economic development across the African continent.”
According to its Q3’23 results as at 30th September 2023, Equity Group Holdings reported a 20% growth in deposits to Kshs 1,208.6 billion, up from Kshs 1,007.3 billion, with subsidiaries contributing 49% growth and Equity Bank Rwanda growing by 39%.
Loans grew by 26% to Kshs 845.9 billion, up from Kshs 673.9 billion, with subsidiaries contributing a 46% growth and Equity Bank Rwanda growing by 20%.
Total assets grew by 24% to Kshs1,691.2 billion, up from Kshs1,363.7 billion, with subsidiaries contributing 47% and Equity Bank Rwanda growing by 40%.
