Equity Group CEO and Managing Director, Dr James Mwangi has announced plans for the lender to boost investment in the DRC with a $100 million capital injection into into its new subsidiary, Equity Banque Commerciale du Congo (Equity BCDC).
The move will raise Equity’s cumulative investment in DRC to more than KSh27 billion.
The funds will strengthen Equity BCDC’s capital base as it seeks to scale up its lending and other banking operations in DRC, where it is the second-largest lender by assets.
This will enhance Equity’s capacity to fund development projects and large mining & manufacturing companies in DRC.
The DRC operation Equity Group’s most profitable arm. In 2021, the DRC subsidiary contributed KSh4 billion in net profit to Equity group, which was equivalent to 10% of its total net income of KSh40 billion. This was the highest contribution by a regional subsidiary, ahead of Equity Uganda’s KSh2.6 billion