Browsing: Equity Group Holdings (Plc)

• Equity Group will pay $48.1 million for 91.93% stake in Cogebanque and intends to make an offer for the entire ownership.
• Cogebanque is a public Ltd company licensed by the central bank of Rwanda  and ranks as the fifth largest lender. 
• Upon Equity Bank’s amalgamation with Cogebanque, it will become the second largest bank in Rwanda.

Kenya-based regional lender Equity Group is acquiring Compagnie Générale de Banque (Cogebanque) PLC Ltd in Rwanda. The agreement, represented by a binding term sheet, will see Equity Group pay a total cash consideration of $48.1 million to obtain a controlling equity stake of 91.93 percent.

Upon completion of the transaction, Equity Bank’s amalgamation with Cogebanque would position it as the second largest bank in Rwanda. The entity will have a combined assets market share of 18 per cent and a deposits market share of 19 per cent, based on audited accounts as of December …

The transaction meant that Spire Bank’s deposit and loan customers would enjoy uninterrupted access to Equity Bank Kenya’s banking services.

After signing the agreement, Spire Bank Board Chairman William Rahedi said that the completion of the transaction would ensure that deposit and loan customers continued enjoying uninterrupted access to banking services through Equity Bank.

Mwalimu National Sacco Chairman Joel Gachari said that once the proposed transaction is completed on November 30, 2022, all Spire Bank depositors will become Equity Bank Kenya’s customers.…