Equity Group Holdings Plc announced Friday the completion of its acquisition of a 99.13% stake in Compagnie Generale de Banque (Cogebanque) PLC, a bank based in Rwanda.
The $51 million deal “will enable EGH to consolidate its position in Rwanda and is an important step towards the attainment of its vision of being Sub-Saharan Africa’s premier financial institution,” said Group Managing Director and CEO Dr. James Mwangi.
EGH originally announced its intention to acquire Cogebanque on June 14 and signed a share purchase agreement with the Rwandan government, Rwanda Social Security Board and other shareholders on July 28. After receiving all necessary regulatory approvals over the past four months, the acquisition was finalized Thursday.
“We are delighted to welcome Cogebanque’s employees and customers to Equity Group,” Mwangi said.
“Through the combined businesses of Equity Rwanda and Cogebanque, EGH aims to provide even better access to competitive, tailored financial services to improve lives and livelihoods of the people of Rwanda,” he added.
The bank said it will soon commence the process of merging Cogebanque’s operations with those of its existing Rwandan subsidiary, Equity Bank Rwanda Plc. Mwangi noted the deal furthers Equity’s goal of becoming “Sub-Saharan Africa’s premier financial institution.”
Founded in 1963, Cogebanque was 66% owned by the Rwandan government before the acquisition. It operates 16 branches across Rwanda and has $289 million in assets, according to its 2021 annual report.