Equity Bank has announced the merger of its two subsidiaries in Rwanda, just a month after completing the acquisition of CogeBanque.
The new expanded entity means that Equity Bank Rwanda is now the second largest bank in the country with a total of 46 branches.
- The merger between Cogebanque and Equity Bank Rwanda, also means that Cogebanque will be deregistered.
- Post-merger, Equity will hold 99.816% shareholding in Equity Bank Rwanda, with the remaining shareholding distributed among three other shareholders.
- The merger means that Cogebanque’s existing branch network will undergo a branding transition to Equity Bank Rwanda.
“This merger, combining the strengths of the two entities, positions us to deliver even better access to competitive and tailored financial services, aiming to improve the lives and livelihoods of the people of Rwanda,” Equity Bank’s Managing Director and CEO Dr. James Mwangi said.
Equity Bank is now present in six countries in the region. In addition to its home market, Kenya, it is also present in Rwanda, Uganda, Tanzania, Democratic Republic of Congo, and South Sudan.
At the end of 2022, Cogebanque was the fifth largest bank in Rwanda by reported book value of total assets and shareholders equity.
- It had 28 branches, 600 bank agents, and 36 ATMs.
- Equity Bank announced it had entered a binding term sheet with its shareholders in June 2023.
- The acquisition was always intended to result in a merger with Equity Bank Rwanda, as part of the unit’s expansion strategy.
