Equity Group has received regulatory approval to merge its subsidiary Equity Bank Congo (EBC) and Banque Commercial Du Congo (BCDC).
The new bank will be known as Equity Banque Commercial du Congo (Equity BCDC).
This approval has been given by Central Bank of Congo, opening up an opportunity for the two lenders to rebrand all outlets previously run under the Equity Bank Congo and BCDC banner.
The Equity Group acquisition deal
In August 2020, Equity Group acquired a 66.53% stake in the Banque Commerciale Du Congo (BCDC) in a deal worth $ 95 Million.
The 111-year-old BCDC is the oldest lender in the Democratic Republic of Congo (DRC).
BCDC Chief Executive Yves Cuypers, CEO and Chairman of the Executive Committee at BCDC, and Celestin Muntuabu, Managing Director EBC, and their principal deputies will remain in leadership. The management committee with the combined board members will constitute the pioneer board of Equity BCDC.
Equity Group CEO Dr. James Mwangi described the merger as an important milestone and a great new year gift to its customers in DRC.
What Equity BCDC will offer
Equity BCDC will immediately have a single obligor limit of US$ 40 million. This will enable our customers in DRC to access higher credit limits to grow and expand their business ventures.
Equity BCDC will have a presence in DRC, Kenya, Uganda, Tanzania, South Sudan, Rwanda, and a representative office in Ethiopia.
Equity Group recently grew its balance sheet size to KSh 1 Trillion($ 10 Billion) after the migration of BCDC Bank to Equity’s Finacle core banking platform.