- Equity Group Holdings is poised to emerge as DR Congo’s second-largest lender by assets after receiving regulatory approval to merge Equity Bank Congo (EBC) and Banque Commercial du Congo (BCDC).
- The new bank will be known as Equity Banque Commercial du Congo (Equity BCDC), with $2.5 billion worth of assets, 74 branches and a customer base of nearly one million.
Equity Group Holdings is poised to emerge as DR Congo’s second-largest lender by assets after receiving regulatory approval to merge Equity Bank Congo (EBC) and Banque Commercial du Congo (BCDC) .The new bank will be known as Equity Banque Commercial du Congo (Equity BCDC), with $2.5 billion worth of assets, 74 branches, and a customer base of nearly one million.
The merger has raised the stake of Equity Group to 77.5 percent in Equity BCDC, with the balance being held by IFC, the DRC government and minority shareholders.
James Mwangi, the Group’s chief executive, in a statement said that Equity BCDC will have the capacity to lend a single customer immediately up to the limit of $40 million and enable its customers to access higher credit limits. With a presence in six countries, It will enable the customers to do business across its borders. The bank has operations in the DRC, Kenya, Uganda, Tanzania, South Sudan, Rwanda, and has a representative office in Ethiopia.
