Kenya's Equity Group gets approval to buy Congo Bank
30 September 2015, 21:38
Nairobi - Kenya's Equity Group said on Wednesday it had secured
regulatory approval to acquire 79 percent of ProCredit Bank Congo, expanding
its banking operations into the Democratic Republic of Congo.
James Mwangi, chief executive of Equity Bank, which also
operates in Uganda, South Sudan, Tanzania and Rwanda, said in May that the
acquisition was subject to regulatory approval.
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The purchase, completed on Sept. 29, is part of the banking
group's bid to expand outside of East Africa.
ProCredit has assets of more than $200 million and a
customer base of 170,000. It is the seventh-largest bank by assets in Congo.
Equity Bank posted a 12 percent rise in pretax profit to
12.1 billion shillings ($115.13 million) in the first half of 2015.