Equity Group Holdings Plc (EGH) has successfully completed the acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy.
The acquisition, which was completed on November 30, 2023, follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals.
EGH now holds 198,250 shares representing 99.1250% of the issued share capital of COGEBANQUE, officially making COGEBANQUE its subsidiary.
The Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana, commented that the consolidation of Equity Bank Rwanda Plc and COGEBANQUE will create a stronger and more resilient banking institution better equipped to serve the needs of the people of Rwanda and contribute to Rwanda’s economic growth and development.
Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings Plc, expressed his delight in welcoming COGEBANQUE’s employees and customers to Equity Group. He emphasized the focus on innovation, cutting-edge technology, and superior service to provide enhanced financial services and improve lives in Rwanda.
The eventual merger of COGEBANQUE and Equity Bank Rwanda will consolidate Equity Group’s position in Rwanda and support the delivery of its overarching strategy, the Africa Recovery and Resilience Plan.
Dr. Mwangi also highlighted the strategic positioning of EGH to deliver an expanded array of competitive, customized financial services by synergizing the operations of COGEBANQUE and Equity Bank Rwanda.
This strategic alignment aims not only to meet the diverse needs of customers but also to catalyze economic growth, empower local communities, and contribute to the realization of the Group’s vision as Sub-Saharan Africa’s premier financial institution.
According to its recently released results as at 30th September 2023, Equity Group Holdings reported significant growth in deposits, loans, and total assets, with subsidiaries, including Equity Bank Rwanda, playing a significant role in this growth.