Equity Group has announced the completion of its acquisition of 66.53% stake in the Banque Commerciale Du Congo (BCDC) at a cost of USD 95 million. The group now has two subsidiaries in the Democratic Republic of Congo having earlier acquired ProCredit, a German bank, now rebranded Equity Bank Congo. BCDC is the oldest bank in the country, having been established in 1909.
“We have been fortunate to have had the opportunity to acquire two of the most solid banks in the market. With the second and fourth largest banks in the country being our subsidiaries, we are confident that amalgamation and merger of the two subsidiaries will produce a combined bank with a balance sheet in excess of USD 2 billion; with the capacity and capability to contribute significantly to the development and transformation of the Democratic Republic of Congo (DRC),” said Dr. Mwangi, Equity Group’s chief executive officer.
Dr. Mwangi further said that a merger of the two entities will produce a subsidiary able to contribute more than 20% of the group’s total balance sheet. The merged entity will firmly be on the path of becoming the largest banking entity in the DRC within a period of one year, given the leadership, managerial and financial resources of the group.
“We are glad that we now have the size and countrywide infrastructure that can bring our experience and capability to contribute significantly to the transformation of lives and livelihoods in DRC, while stimulating economic transformation of the country through resource allocation,” said Dr. Mwangi. He added: “The addition and amalgamation with BCDC will put Equity Group on the path to becoming a Kshs. 1 trillion balance sheet business that will benefit from economies of scale.”
In the same vein, George Forrest noted: “My decision to sell my shares in BCDC to Equity was because I knew Equity would preserve and develop it to further enhance the lustre it deserves. BCDC has contributed greatly to the creation and development of the DRC as well as the writing of its history over the last one hundred and eleven years. I sell my shares to Equity in the trust that it will become the largest bank in Congo and continue to contribute to the development and transformation of the country.”