PH
The successful merger of Equity Group’s Rwandan subsidiaries, Cogebanque and Equity Bank Rwanda, has been announced. Equity Group is a massive financial services company headquartered in Nairobi and is run by multimillionaire Kenyan banker James Mwangi. The corporate and regulatory authorities have approved this move, which is a part of the ongoing efforts to strengthen the dominant financial services group’s presence in East Africa.
Equity Group obtained an additional 7.2 percent stake from minority shareholders in a major development that occurred prior to the merger. This acquisition is valued at Ksh7.2 billion ($47 million) and is a crucial step in the conglomerate’s efforts to diversify its operations and increase earnings outside of the Kenyan market.
Equity Bank Rwanda will now take over the operations and projects that Cogebanque previously managed in accordance with Rwandan law. This entails acquiring all of Cogebanque’s assets, obligations, and rights and privileges.
As a result, Cogebanque will no longer be an Equity Group subsidiary and will be deregistered in accordance with Rwandan company legislation. Following the merger, the group will own a dominant 99.816 percent of Equity Bank Rwanda’s shares, with the remaining three shares being divided among three other shareholders.
Branches and other outlets with the Cogebanque trademark will change their brand identification in the upcoming weeks to become Equity Bank Rwanda. This is an indication of a smooth service integration and a shared commitment to offering the Rwandan people better financial alternatives.
Commenting on the merger, Mwangi, the managing director and CEO of Equity Group, expressed his satisfaction: “We are pleased to announce the successful merger of Cogebanque with Equity Bank Rwanda, a culmination of meticulous planning, regulatory diligence, and the collective efforts of our teams at Cogebanque and Equity Bank Rwanda. This merger positions us to deliver even better access to competitive and tailored financial services, aiming to improve the lives and livelihoods of the people of Rwanda.”
Mwangi also underlined his dedication to promoting international cooperation, crossing boundaries, and aiding regional economic development. Equity Group, which has operations in six nations—Rwanda, Uganda, Tanzania, the Democratic Republic of the Congo, Kenya, and South Sudan—aspires to be a leading force in promoting cross-border trade assistance.
Equity Group aims to create more chances for wealth development while maintaining the best standards of service excellence, innovation, and financial inclusion through the combined strengths of Equity Bank Rwanda and Cogebanque. The combined company is well-positioned to contribute significantly to regional economic expansion and value delivery to stakeholders.
