{"id":44684,"date":"2023-06-15T10:47:13","date_gmt":"2023-06-15T10:47:13","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b"},"modified":"2023-06-15T10:50:35","modified_gmt":"2023-06-15T10:50:35","slug":"equity-bank-aquires-over-90-of-cogebanque-at-rwf55b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b","title":{"rendered":"Equity Bank Aquires Over 90% Of Cogebanque At Rwf55B"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Equity Group Holdings Plc has announced the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) PLC Ltd in Rwanda after signing a binding term sheet today.<\/p>\n

Upon completion of the transaction, EGH will pay an aggregate cash consideration of Rwf54.68 billion (US$48.1 million) for a 91.93% controlling equity stake.<\/p>\n

The acquisition of the fifth largest bank, and subsequent amalgamation of the business with that of Equity Group\u2019s existing banking subsidiary in Rwanda, would position Equity Bank as the 2nd largest bank in Rwanda after the merger with a total combined assets market share of 18% and a deposits market share of 19% based on audited accounts as at 31st December 2022.<\/p>\n

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

Equity Group\u2019s investment and capital allocation is guided by the Company\u2019s strong growth history and robust outlook.<\/p>\n

Dr James Mwangi, Group Managing Director and CEO, Equity Group Holdings Plc said, \u201cRwanda\u2019s 5-year average GDP growth rate at 6.5% ranks it amongst the 10 fastest growing countries in the world.\u201d He added, \u201cRwanda\u2019s economic growth is expected to be supported by a continued ease of doing business, recovery of global travel that will underpin its tourism and Meetings, Incentives, Conferences and Exhibitions (MICE) strategy targeting Foreign Direct Investments, regional integration, supporting trade and increasing contribution to its manufacturing sector.<\/p>\n

An underpenetrated financial services sector, with private sector credit and GDP being below 30% provides a well-defined secular growth opportunity for the financial services Group.\u201d<\/p>\n

\u201cEquity Group\u2019s acquisition of Cogebanque reflects the trust and confidence placed in Rwanda\u2019s economic prospects and the resilience of our financial industry.<\/p>\n

\u201cThe consolidation of these two institutions will undoubtedly contribute to the growth and stability of Rwanda\u2019s banking sector, enabling us to provide better financial services to our citizens and facilitate economic empowerment,\u201d said Dr Uzziel Ndagijimana, Rwanda\u2019s Minister of Finance and Economic Planning.<\/p>\n

Rwanda has been Equity Group\u2019s highest return business whilst generating high growth and sustained efficient operations.<\/p>\n

The acquisition and amalgamation of Cogebanque will help shore and transform Equity Rwanda\u2019s economies of scale with the resulting 54% growth in 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

The larger balance sheet with an enhanced single lending obligor limit will better support the financing needs and requirements of businesses in the high growth sectors further enhancing capacity for syndicated lending with other large banks in Rwanda to support economic growth of Rwanda as envisioned under Vision 2050 and facilitate growth in key sectors of Tourism, MICE and manufacturing.<\/p>\n

Through 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 National and Regional Commercial bank in line with, and underpinning Rwanda\u2019s aspirations of being an international financial and business center. Strong Local, National and Regional commercial banks will be the foundation of such a regional and International Financial Services Center status\u201d, said Dr. Mwangi.<\/p>\n

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

Africa-Press – Rwanda. Equity Group Holdings Plc has announced the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) PLC Ltd in Rwanda after signing a binding term sheet today. Upon completion of the transaction, EGH will pay an aggregate cash consideration of Rwf54.68 billion (US$48.1 million) for a 91.93% controlling equity stake. The acquisition of the […]<\/p>\n","protected":false},"author":84,"featured_media":44683,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-44684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nEquity Bank Aquires Over 90% Of Cogebanque At Rwf55B - Rwanda<\/title>\n<meta name=\"description\" content=\"Equity Group Holdings Plc has announced the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) PLC Ltd in Rwanda ...\" \/>\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\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equity Bank Aquires Over 90% Of Cogebanque At Rwf55B\" \/>\n<meta property=\"og:description\" content=\"Equity Group Holdings Plc has announced the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) PLC Ltd in Rwanda ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-15T10:47:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-15T10:50:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/06\/sm_1686813608.143555.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\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\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Equity Bank Aquires Over 90% Of Cogebanque At Rwf55B\",\"datePublished\":\"2023-06-15T10:47:13+00:00\",\"dateModified\":\"2023-06-15T10:50:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\"},\"wordCount\":613,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/06\/sm_1686813608.143555.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-aquires-over-90-of-cogebanque-at-rwf55b\",\"name\":\"Equity Bank Aquires Over 90% Of Cogebanque At Rwf55B - 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