Directors of Equity Group have approved the financial institution’s move to enter into a non-binding agreement to acquire a controlling stake in Commercial Bank of Congo which is Congo’s 2nd largest bank.
Equity Group which is already a major regional lender and is aiming to expand its network within the continent of Africa becoming Africa’s premier financial institution through the use of technology, seeks to further that dream via its planned merger of its subsidiary in Congo; Equity Bank Congo, with the Commercial Bank of Congo.
While the actual value of the proposed transaction has not yet been revealed, Equity Group announced however, that the transaction will involve the exchange of cash for a controlling stake in Commercial Bank of Congo, and will also be subject to approval from its shareholders and the regulatory body.
All the due processes will also be followed before the finalization of the acquisition.
According to the Kenyan Wall Street, Equity Group intend to provide more tailored financial services, improve the lives of its users, and also make good returns for its investors through the acquisition.
With almost 14 million users, Equity Group is already one of the leading financial institutions in the East African region.
The bank in April 2019, also announced plans to move into Mozambique and Zambia via its acquisition of Atlas Mara.
Equity Group currently runs operations in Kenya, Democratic Republic of Congo, Rwanda, South Sudan, Tanzania and Uganda.
