This archive report was first published on 19 November 2019.
On November 19, 2019, Equity Group Holdings (EGH) announced its plans to acquire a majority stake in the Banque Commercial du Congo (BCDC).
The acquisition is subject to approval from the Central Banks in Kenya and Congo, the Common Markets for Eastern and Southern Africa (COMESA) competition commission, and the boards of the two banks.
According to the agreement, EGH will purchase 66.53% of the shares held by George Arthur Forrest in BCDC. The parent group will pay a total sum of $105 million for the 625,354 shares at a price of $167.9 each.
EGH Managing Director James Mwangi stated, ‘It is a further step towards the delivery of its vision of building sub-Saharan Africa’s premier financial institution.’
The acquisition is part of EGH’s plan to meet its goal of providing innovative products and services to clients, particularly through the use of technology.
