EQUITY GROUP HOLDINGS PLC ANNOUNCES MERGER OF COMPAGNIE GÉNÉRALE DE BANQUE (COGEBANQUE) PLC AND EQUITY BANK RWANDA PLC

Equity Group Holdings Plc (EGH) has announced the merger of Générale De Banque (Cogebanque) Plc and Equity Bank Rwanda, effective 31st December 2023. The amalgamation which followed the receipt of all corporate and regulatory approvals marks a significant milestone in the ongoing strategic growth initiatives of EGH.

In accordance with Rwandan Law, business and activities previously conducted jointly by Cogebanque and Equity Bank Rwanda will now be undertaken by Equity Bank Rwanda since it acquired all property, rights, privileges and liabilities of Cogebanque.

This means that Cogebanque will be deregistered in line with the law governing companies in Rwanda and cease to be a subsidiary of EGH. With the post-merger complete, EGH holds 99.816 percent shareholding in Equity Bank Rwanda. The remaining shareholding is distributed among three other shareholders.

The post-merger will see Equity Bank of Rwanda serve over 1,491,273 customers through a network of 46 branches, 4,516 agents, 59 ATMs and 1,777 merchants. Customers of the combined entity will benefit from better access to competitive and tailored financial services.

Equity Bank Rwanda Plc which is licensed by the National Bank of Rwanda is a subsidiary of EGH Plc.  It was ranked third amongst Rwandan banks in terms of reported total assets as at 30th September, 2023. It served over 1,351,486 customers through a network of 18 branches, 3,880 agents, 23 ATMs and 1,775 merchants before the merger.

Over the coming weeks, Cogebanque branded branches and other outlets will undergo a brand identity transition to take that of Equity Bank Rwanda. This brand transition symbolizes a seamless integration of services as well as a unified commitment to providing enhanced financial solutions to the people of Rwanda. The transformative merger of the two entities is geared towards driving economic growth and prosperity in Rwanda.

EGH’s managing director and CEO, Dr. James Mwangi said: “We are pleased to announce the successful merger of Cogebanque with Equity Bank Rwanda, a culmination of meticulous planning, regulatory diligence, and the collective efforts of our teams at Cogebanque and Equity Bank Rwanda.”

“This merger, combining the strengths of the two entities positions us to deliver even better access to competitive and tailored financial services, aiming to improve the lives and livelihoods of the people of Rwanda,” Dr. Mwangi explained. “We shall deploy the resources of the combined entities and of the Group to support regional economic development, transcending borders and fostering collaboration across nations.”

Commenting on the increased geographical footprint Dr. Mwangi said: “With a strategic presence in six countries, namely: Rwanda, Uganda, Tanzania, Democratic Republic of Congo (DRC), Kenya and South Sudan, Equity is well-positioned to be a driving force for cross-border trade support.”

Through the combined strengths of Equity Bank Rwanda and Cogebanque, Equity Group aims to expand opportunities for wealth creation while delivering significant value to all stakeholders. The merged entity will continue to uphold the highest standards of service excellence, innovation and financial inclusion.

Dr. Mwangi further thanked all stakeholders that took part in the process of the merger. “We extend our gratitude to the regulatory authorities, shareholders, management, staff and all stakeholders who have supported us throughout this process. We are confident that Equity Bank Rwanda will play a pivotal role in driving economic growth and prosperity in Rwanda,” he said.