Equity Bank Holding (EGH) has proposed to acquire Rwanda’s fifth largest bank Compagnie Generale de Banque plc limited to stamp its authority in the region.
In a notice, the Kenyan based lender said it has entered into a binding term sheet with the government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc and Ms. Judith Mugirasoni (collectively the sellers) for the purchase of 91.93 per cent of the issued shares in the capital of Compagnie Generale de Banque with a view to amalgamating the business of Cogebanque with that of EGHs existing banking subsidiary in Rwanda, Equity Bank Rwanda.
“We intend to make an offer to the remaining shareholders to acquire all their shares in Cogebanque at the same price per share with the intent that EGH will become the holder of 100 per cent of the issued shares of Cogebanque,” said James Mwangi, Group Chief Executive Officer, Equity.
At the end of last year, Cogebanque was the fifth largest bank in Rwanda as measured by reported book value of total assets and shareholders equity and served customers in the corporate, small and medium sized enterprise and retail customer segment.
Equity Bank Enters Agreement to Acquire Cogebanque, Rwanda’s 5th Largest Bank
