Kenya's Equity Group gets approval to buy Congo bank - CNBC Africa

Kenya's Equity Group gets approval to buy Congo bank

East Africa

by Reuters 0

Kenya's Equity Group said it had secured regulatory approval to acquire 79 percent of ProCredit Bank Congo. Photo: Equitybank.co.ke

Kenya's Equity Group said on Wednesday it had secured regulatory approval to acquire 79 percent of ProCredit Bank Congo, expanding its banking operations into the Democratic Republic of Congo.

James Mwangi, chief executive of Equity Bank, which also operates in Uganda, South Sudan, Tanzania and Rwanda, said in May that the acquisition was subject to regulatory approval.

The purchase, completed on Sept. 29, is part of the banking group's bid to expand outside of East Africa.

ProCredit has assets of more than $200 million and a customer base of 170,000. It is the seventh-largest bank by assets in Congo.

Equity Bank posted a 12 percent rise in pretax profit to 12.1 billion shillings ($115.13 million) in the first half of 2015.

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