{"id":59544,"date":"2023-12-01T11:30:46","date_gmt":"2023-12-01T11:30:46","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/equity-bank-completes-aquisiton-of-cogebanque"},"modified":"2023-12-01T11:40:40","modified_gmt":"2023-12-01T11:40:40","slug":"equity-bank-completes-aquisiton-of-cogebanque","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque","title":{"rendered":"Equity Bank Completes Aquisiton Of COGEBANQUE"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Equity Group Holdings Plc (EGH), has successfully completed the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy.<\/p>\n

The acquisition follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals and was completed on November 30, 2023.<\/p>\n

EGH now holds 198,250 shares representing 99.1250% of the issued share capital of COGEBANQUE, officially making COGEBANQUE its subsidiary.<\/p>\n

On June 14, 2023, EGH publicly disclosed its entry into a binding term sheet for the acquisition of 91.93% of COGEBANQUE\u2019s issued shares from the Government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni (the Sellers).<\/p>\n

The completion of the acquisition was subject to various conditions, including confirmatory due diligence, execution of definitive agreements, regulatory approvals from the Central Bank of Kenya, the National Bank of Rwanda, the COMESA Competition Commission, and corporate approvals.<\/p>\n

The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana said that the consolidation of Equity Bank Rwanda Plc and Cogebanque will create a stronger and more resilient banking institution better equipped to serve the needs of the people of Rwanda and will contribute to Rwanda\u2019s economic growth and development.<\/p>\n

\u201cThis partnership demonstrates investors\u2019 confidence in Rwanda\u2019s economic potential and presents new opportunities for the financial sector to thrive.\u201d<\/p>\n

On July 28, 2023, EGH entered into a share purchase agreement with the Sellers by which it agreed to acquire, on completion, 183,854 shares at a price of Rwanda Francs 297,406 per share.<\/p>\n

Simultaneously, EGH offered to acquire all the remaining shares from the rest of the COGEBANQUE shareholders, intending to acquire up to 100% of the issued shares of COGEBANQUE.<\/p>\n

Equity Group Holdings Plc Managing Director and CEO, Dr. James Mwangi, said, \u201cWe are delighted to welcome COGEBANQUE\u2019s employees and customers to Equity Group.\u201d<\/p>\n

\u201cThrough 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.\u201d<\/p>\n

The eventual merger of COGEBANQUE and Equity Bank Rwanda will consolidate Equity Group\u2019s position in Rwanda and support delivery of its overarching strategy, the Africa Recovery and Resilience Plan.\u201d<\/p>\n

He said that the expansion of Equity Group\u2019s business in Rwanda aims to bolster Rwanda\u2019s financial services landscape and fortifies the Group\u2019s commitment to catalyzing socio-economic development across the African continent.<\/p>\n

Dr. Mwangi went further to add, \u201cBy synergizing the operations of COGEBANQUE and Equity Bank Rwanda, EGH is strategically positioned to deliver an expanded array of competitive, customized financial services.\u201d<\/p>\n

\u201cThis strategic alignment is designed not only to meet the diverse needs of our customers but also to catalyze economic growth, empower local communities, and contribute to the realization of the Group\u2019s vision as Sub-Saharan Africa\u2019s premier financial institution.\u201d<\/p>\n

According to its recently released results as at 30th September 2023, 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%.<\/p>\n

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%.<\/p>\n

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%.<\/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 (EGH), has successfully completed the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy. The acquisition follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals and was completed on November 30, 2023. EGH now […]<\/p>\n","protected":false},"author":84,"featured_media":59542,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-59544","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 Completes Aquisiton Of COGEBANQUE - Rwanda<\/title>\n<meta name=\"description\" content=\"Equity Group Holdings Plc (EGH), has successfully completed the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanqu ...\" \/>\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-completes-aquisiton-of-cogebanque\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equity Bank Completes Aquisiton Of COGEBANQUE\" \/>\n<meta property=\"og:description\" content=\"Equity Group Holdings Plc (EGH), has successfully completed the acquisition of Compagnie Ge\u0301ne\u0301rale de Banque (Cogebanqu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-01T11:30:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-01T11:40:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/12\/sm_1701418123.225243.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\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-completes-aquisiton-of-cogebanque#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Equity Bank Completes Aquisiton Of COGEBANQUE\",\"datePublished\":\"2023-12-01T11:30:46+00:00\",\"dateModified\":\"2023-12-01T11:40:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque\"},\"wordCount\":560,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/12\/sm_1701418123.225243.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-completes-aquisiton-of-cogebanque#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/equity-bank-completes-aquisiton-of-cogebanque\",\"name\":\"Equity Bank Completes Aquisiton Of COGEBANQUE - 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