Equity Group buys into DR Congo bank for Sh6b in pan African expansion bid

Equity Group Holdings CEO James Mwangi (seated left) signs the deal agreement with ProCredit Holding Manager, Helen Alexander. Looking on are from left: Equity Group Holdings’ Director Strategy and Company Secretary, Mary Wamae, Chairman, Peter Munga and Rosa Nduati – Mutero Partner Anjarwalla & Khanna Advocates. [PHOTO:COURTESY]

Equity Group Holdings Ltd has acquired 79 per cent of ProCredit Bank Congo, subsidiary of a German-based multinational bank operating in the Democratic Republic of Congo (DRC).

The $60 million (Sh5.8 billion) deal, which is still subject to regulatory approval in Kenya and the DRC, is in line with its 10 year strategic plan that will see Equity Bank expand its network to 10 countries in Africa, raising its customer base to 100 million within this period.