This archive report was first published on 9 September 2019.
On September 9, 2019, Equity Group Holdings (EGH) announced plans to acquire a controlling stake in Banqué Commerciale du Congo (BCDC) through a non-binding term sheet.
The proposed transaction aims to amalgamate BCDC's business with EGH's existing banking subsidiary in the Democratic Republic of Congo (DRC), Equity Bank Congo.
BCDC is licensed by the Central Bank of Congo to provide banking services in the DRC.
By acquiring BCDC, EGH will expand its footprint in Africa and provide access to competitive financial services, improving people's lives and livelihoods.
EGH aims to deliver significant value to its stakeholders through the proposed transaction, which is subject to customary conditions, including due diligence, regulatory approvals, and shareholder approvals.
Until further announcements are made, EGH shareholders and investors are advised to exercise caution when dealing in EGH ordinary shares on the Nairobi Securities Exchange, the Uganda Securities Exchange, and the Rwanda Stock Exchange.
