This archive report was first published on 17 October 2019.
Published on October 17, 2019, Equity Group Holdings (EGH) is reportedly set to resume talks to acquire BancABC, a wholly-owned subsidiary of Atlas Mara, in Zimbabwe.
The move is part of EGH's Pan-African expansion strategy, which aims to have a presence in 18 African countries by 2024 with a customer base of over 100 million.
As of 2017, BancABC had 23 branches in Zimbabwe, providing EGH with access to the country's large population.
Equity Group's expansion into Zimbabwe comes at a time when the country's economy is facing significant challenges, including hyperinflation that hit 175 percent in mid-July this year.
Despite these challenges, Equity Group remains committed to its expansion plans, which include acquiring BancABC and increasing its presence in the region.
With over 14 million customers and a significant assets base, Equity Group is one of the largest banks in the region, listed at the Nairobi Securities Exchange and cross-listed in the Uganda Stock Exchange and Rwanda Stock Exchange.
