Equity Group Holdings Plc has announced the completion of the merger of its two subsidiaries in Rwanda: Compagnie Générale De Banque (Cogebanque) Plc and Equity Bank Rwanda Plc.
The merged entity, which will operate under the name Equity Bank Rwanda, will offer a wide range of banking products and services to individuals, small and medium enterprises, and corporations in Rwanda.
The merger will enhance the efficiency, profitability, and resilience of EBR a, as well as create synergies and economies of scale.
It will also enable the bank to leverage its digital platforms and innovation capabilities to deliver superior customer experience and value.
The amalgamation, which followed the receipt of all corporate and regulatory approvals, marks a significant milestone in the ongoing strategic growth initiatives of EGH.
EBR will have a network of 46 branches, 4,516 agents, 59 ATMs, and 1,777 merchants, making it one of the largest and most accessible banks in the country.
Details on the merger
The merger of Cogebanque and Equity Bank Rwanda follows Equity Group Holdings PLC’s (EGH) acquisition of 99.2610% of Cogebanque’s shareholding from the Government of Rwanda, the Rwanda Social Security Board, Sanlam Vie Plc, Ms Judith Mugirasoni, and other minority shareholders of Cogebanque.
EBR and Cogebanque sought regulatory approval for the amalgamation of the two entities and received all the requisite approvals relating to the proposed merger.
