Equity in talks to buy another DRC lender
SEE ALSO :Equity to review unit“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 transaction is subject to regulatory approvals even as the value of the deal remains guarded. The DRC government holds a 25.5 per cent shareholding in BCDC, while 66.5 per cent is held by Belgian business mogul, George Arthur Forrest and his family with other shareholders controlling 7.9 per cent. According to BCDC’s annual report for the 2017 financial year, the lender holds Sh7.3 billion in capital and cash reserves. It reported Sh800 million net profit during the same reporting period. The bank has at least 26 branches spread across the DRC, with its loan book standing at Sh28 billion as at 2017. The deal is expected to see Equity Group spread its footprints in a region that is relatively underdeveloped owing to wide-scale conflict fuelled by the DRC’s abundant resources. Equity has lately reinforced its African presence by announcing the purchase of shares in banks in Rwanda, Zambia, Mozambique and Tanzania, buying the assets of London-listed financial services firm Atlas Mara.
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