23 C
Kenya
Saturday, July 4, 2020

Equity Bank set to acquire leading bank in DR Congo

Must Read

Kenyans to pay Sh. 5 million fine for failing to report bribery

Bribery in Kenya: Kenyans who fail to report incidents of bribery to the Ethics and Anti-corruption commission will be...

Harambee Sacco starts issuing Visa cards to members

Harambee Sacco Visa: One of the leading Savings & Credit Co-operatives in Kenya, Harambee Sacco has today launched instant...

Jalang’o: I have received 6 job offers after losing my job at Milele

Jalang'o Latest News: Popular comedian and radio presenter Jalang'o has come out to say that he is in the...

Equity Bank Congo: Equity Group Holdings (EGH) PLC hereby announces to the public that its Board of Directors have agreed to the entry into a non-binding term sheet with certain shareholders (the Selling Shareholders) of Banqué Commerciale du Congo (BCDC), for the purchase for cash of a controlling equity stake in BCDC (the Proposed Transaction), with a view to eventually amalgamating the business of BCDC with that of EGH’s existing banking subsidiary in DRC, Equity Bank Congo.

The Proposed Transaction is subject to conditions that are customary to transactions of this nature, including but not limited to completion of due diligence, the entering of detailed transaction agreements, obtaining and shareholder approvals and the receipt of regulatory approvals from the Capital Markets Authority, the Central Bank of Kenya, the Central Bank of Congo and competition regulators (as applicable).

Equity Bank’s global scholarships hit Sh. 12 billion

BCDC is licensed by the Central Bank of Congo to provide banking services in DRC.

By acquiring BCDC, EGH will be able to expand its footprint in Africa. Further, through the Proposed Transaction, EGH aims to provide access to competitive, tailored financial services to improve people’s lives and livelihoods whilst also delivering significant value to its stakeholders.

The Proposed Transaction is an opportunity for EGH to deliver the vision of building sub-Saharan Africa’s premier financial institution through delivering innovative products and services to customers, including, in particular, the effective use of technology.

Until further announcements regarding the Proposed Transaction are made, the shareholders of EGH and other 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.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

172,643FansLike
11,005FollowersFollow
137FollowersFollow
261SubscribersSubscribe
WhatsApp
Telegram

Latest News

Consumers Facing Financial Uncertainty Under Covid-19, New Report Shows

Consumers shrinking wallets have sparked drastic shifts in spending, purchasing habits, and routines as they try to cope with...

How MP Rigathi Gachagua ‘unlawfully’ received Sh. 5.8 billion

The State has filed documents in court that show how Mathira MP Rigathi Gachagua received billions of money from the government in his private...

Consumers Facing Financial Uncertainty Under Covid-19, New Report Shows

Consumers shrinking wallets have sparked drastic shifts in spending, purchasing habits, and routines as they try to cope with the harsh economic effects of...

Acquisition of 90% of Jamii Bora Bank by Co-operative Bank

Acquisition of 90% of Jamii Bora Bank by Co-operative Bank Co-op Bank has been pleased to note that the shareholders of Jamii Bora Bank,...

TerryAnne Chebet quits general manager job months after appointment

TerryAnne Chebet Job: Popular media personality TerryAnne Chebet has quit her top position as the general manager of the business oriented television station, Metropol....

More Articles Like This

- Advertisement -