Equity Bank, entrepreneur enter share acquisition deal

(MENAFN) Kenya-based Equity Bank and Belgian entrepreneur George Arthur Forrest sealed a deal for the acquisition of 66.53 percent of shares in the Banque Commercial du Congo (BCDC), which is located in the Democratic Republic of Congo (DRC).

Equity Bank Group issued a statement announcing that the shares are worth USD105 million, inclusive of dividends revealed after January.

CEO of Equity Bank Group James Mwangi stated "following completion of the transaction, the BCDC business will eventually be amalgamated with that of Equity Bank’s existing banking subsidiary in DRC, Equity Bank Congo (EBC)."

The Central Bank of Kenya, Banque Centrale du Congo and Common Market for Eastern and Southern Africa (COMESA) Competition Commission are required for regulatory approvals for the contract.


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