^

Apr 3, 2024

Share this Article:

Equity Group announces COGEBANQUE and Equity Bank Rwanda merger

In December Equity Group Holdings completed the acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy.

EGH now holds 198 250 shares representing 99.1250% of the issued share capital, following receipt of all regulatory and corporate approvals, officially making COGEBANQUE its subsidiary. The completion of the acquisition was subject to various conditions, including confirmatory due diligence, execution of definitive agreements, regulatory approvals from the Central Bank of Kenya, the National Bank of Rwanda, the COMESA Competition Commission, and corporate approvals.

The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana said, “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. Additionally, this partnership demonstrates investors’ confidence in Rwanda’s economic potential and presents new opportunities for the financial sector to thrive.”

EGH Managing Director and CEO, Dr James Mwangi, 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 the 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 catalysing socio-economic development across the African continent.

For more information on EGH visit www.equitygroupholdings.com

Read Similar
Articles

Norfund releases annual report

Norfund releases annual report

Norfund’s annual report for 2023 highlights remarkable achievements across its portfolio, underscoring significant contributions to job creation, expanded access to financial services, and enhanced energy access through renewable sources.  In the past year,...