Equity Group #ticker:EQTY acquired an additional 7.7 per cent stake in Equity Bank Congo (EBC) from German sovereign wealth fund KfW for $9 million (Sh996 million) as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo.
This raised its ownership in EBC to 94.3 per cent and marked the latest investment in the subsidiary since the Kenyan banking multinational purchased its initial 79 per cent stake in September 2015 for Sh4.5 billion.
