{"id":95181,"date":"2023-06-14T17:21:13","date_gmt":"2023-06-14T17:21:13","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn"},"modified":"2023-06-14T18:06:07","modified_gmt":"2023-06-14T18:06:07","slug":"equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn","title":{"rendered":"Equity Bank buys 92% stake in a Rwandese bank for Sh6.7bn"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Equity Group Holdings has acquired 92 per cent stake in Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc in Rwanda for $48.1 million (Sh6.7 billion). This will make the Kenyan lender the second biggest bank in Rwanda in terms of asset value once the transaction is completed, subject to regulatory approvals.<\/p>\n

The lender will command 18 per cent of Rwanda’s banking sector market and a deposits market share of 19 per cent based on audited accounts as at December 31, 2022.<\/p>\n

The transaction is expected to solidify Equity Group\u2019s systemic status in the region with the amalgamated Rwanda subsidiary joining Equity Bank Kenya and Equity BCDC in the Democratic Republic of Congo as banks with the second largest market share in their respective markets.<\/p>\n

Equity Group MD and CEO James Mwangi said the bank’s investment and capital allocation is guided by the company\u2019s strong growth history and robust outlook.<\/p>\n

\u201cRwanda\u2019s five-year average GDP growth rate at 6.5 per cent ranks it amongst the 10 fastest growing countries in the world,” he said.<\/p>\n

He added that Rwanda\u2019s economic growth is expected to be supported by a continued ease of doing business, and recovery of global travel that will underpin its tourism and Meetings, Incentives, Conferences and Exhibitions (MICE) strategy targeting Foreign Direct Investments (FDIs).<\/p>\n

\u201cEquity Group’s acquisition of Cogebanque reflects the trust and confidence placed in Rwanda’s economic prospects and the resilience of our financial industry,” Rwanda\u2019s Minister of Finance and Economic Planning Uzziel Ndagijimana said.<\/p>\n

He added that the consolidation of these two institutions will undoubtedly contribute to the growth and stability of Rwanda’s banking sector, enabling Equity Group to provide better financial services to citizens and facilitate economic empowerment. Rwanda has been Equity Group\u2019s highest return business whilst generating high growth and sustained efficient operations.<\/p>\n

In a statement, the lender said the acquisition and amalgamation of Cogebanque will help shore and transform Equity Rwanda\u2019s economies of scale with the resulting 54 per cent growth in the balance sheet, positioning it to play a more meaningful role across the economy and the region in line with Equity Group\u2019s Africa Recovery and Resilience Plan (ARRP).<\/p>\n

By combining Cogebanque\u2019s existing network of 28 branches with that of Equity Rwanda, the combined bank will achieve countrywide distribution and coverage while acquiring and strengthening its Micro-, Small- and Medium-sized Enterprise (MSME) franchise, which is its core strength.<\/p>\n

The MSME segment of the Rwanda economy will greatly benefit from Equity\u2019s strong product offering and innovative technology solutions for the segment.<\/p>\n

\u201cThis acquisition and proposed amalgamation of Cogebanque with Equity Bank Rwanda will result in a strengthened regional commercial bank in line with, and underpinning Rwanda\u2019s aspirations of being an international financial and business center,” Mwangi said.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Equity Group Holdings has acquired 92 per cent stake in Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc in Rwanda for $48.1 million (Sh6.7 billion). This will make the Kenyan lender the second biggest bank in Rwanda in terms of asset value once the transaction is completed, subject to regulatory approvals. The lender will […]<\/p>\n","protected":false},"author":84,"featured_media":95179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-95181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nEquity Bank buys 92% stake in a Rwandese bank for Sh6.7bn - kenya<\/title>\n<meta name=\"description\" content=\"Equity Group Holdings has acquired 92 per cent stake in Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc in Rwanda for $4 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equity Bank buys 92% stake in a Rwandese bank for Sh6.7bn\" \/>\n<meta property=\"og:description\" content=\"Equity Group Holdings has acquired 92 per cent stake in Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc in Rwanda for $4 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T17:21:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-14T18:06:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/06\/sm_1686749626.325132.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Equity Bank buys 92% stake in a Rwandese bank for Sh6.7bn\",\"datePublished\":\"2023-06-14T17:21:13+00:00\",\"dateModified\":\"2023-06-14T18:06:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\"},\"wordCount\":480,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/06\/sm_1686749626.325132.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/equity-bank-buys-92-stake-in-a-rwandese-bank-for-sh6-7bn\",\"name\":\"Equity Bank buys 92% stake in a Rwandese bank for Sh6.7bn - 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