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Equity runs ahead of rivals with takeover of DRC bank

Equity CEO James Mwangi (left) and Helen Alexander, a member of the management board of ProCredit Holdings, during the signing of a deal that will see Equity Group acquire ProCredit Bank Congo on May 26, 2015. PHOTO | SALATON NJAU

Equity Group has announced plans to acquire a 79 per cent stake in a Democratic Republic of Congo bank for $60 million (Sh5.8 billion), marking the Kenyan lender’s entry into central Africa.

Equity, which is Kenya’s largest lender by customer base, said it was buying the combined interest in ProCredit Bank Congo from three institutional investors: German firm ProCredit (61 per cent), Belgian development finance institution BIO (six per cent) and Dutch fund DOEN (12 per cent).

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