Kenya’s Equity Bank to purchase DR Congo Bank

NAIROBI, Nov.19 (Xinhua) — Kenya’s Equity Bank said on Tuesday it has entered into a share purchase agreement with Belgian entrepreneur, George Arthur Forrest, to purchase 66.53 percent of its shares held in the Banque Commercial du Congo (BCDC) in the Democratic Republic of Congo (DRC).

Equity Bank Group said in a statement that it will pay 10.7 billion shillings (105 million U.S. dollars) for the shares to be acquired inclusive of dividends declared after January.

"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)," Equity Bank Group CEO James Mwangi said.

The regional bank currently has operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan and the DRC.

The purchase agreement is subject to regulatory approvals from the Central Bank of Kenya, Banque Centrale du Congo and Common Market for Eastern and Southern Africa (COMESA) Competition Commission.

Equity Bank has also proposed to increase its shareholding in EBC.

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