The equity bank has announced a move to acquire 66.5% stake of one of the top banks in the Democratic Republic of Congo (DRC).
In a public announcement the bank said it will pay $105 (Sh10.7billion) to George Arthur Forest family so as to acquire a majority stake in Banque Commerciale du Congo (BCDC).
The deal is inclusive of dividends that the bank will declare after 1st January.
Equity intends to merge the new bank with its already existing branch in Congo to create the second largest bank in Sub-Saharan Africa.
“By acquiring BCDC, Equity Group Holdings (EGH) will be able to expand its footprint n DRC. Further through the BCDC acquisition EGH aims to provide access to competitive, tailored financial services to improve people’s lives and livelihoods, expand opportunities for wealth creation whilst also delivering significant value to its stakeholders.” Equity said in the statement
The bank is further set to acquire an additional 7.6% stake from Kreditanstalt Fur Wiedeeraufbau (KfW) a German State-owned development bank thus pushing its ownership to 93.6% in a bid to expand its presence in Africa.