Equity Group Holdings Plc (EGH) has completed the acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), making it a subsidiary of EGH.
The acquisition was completed on November 30, 2023, after fulfilling all conditions precedent, including regulatory and corporate approvals. EGH now holds 99.1250% of the issued share capital of COGEBANQUE.
The acquisition is expected to create a stronger and more resilient banking institution that will better serve the needs of the Rwandan people and contribute to the country’s economic growth and development.
Equity Group Holdings Plc 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 catalyzing socio-economic development across the African continent.
Equity Group Holdings reported deposits growth of 20% to Kshs1,208.6 billion up from Kshs 1,007.3 billion with subsidiaries contributing a 49% growth and Equity Bank Rwanda growing by 39%.
Loans grew by 26% to Kshs 845.9 billion up from Kshs 673.9 billion with subsidiaries contributing a 46% growth, and Equity Bank Rwanda growing by 20%.
Total assets grew by 24% to Kshs1,691.2 billion up from Kshs1,363.7 billion again with subsidiaries contributing 47% and Equity Bank Rwanda growing by 40%.