Equity Group Holdings PLC has announced the successful acquisition of a 66.53% stake in Banque Commerciale Du Congo (BCDC) for USD 95 Million. This marks a significant milestone for Equity Group as it now possesses two subsidiaries in the Democratic Republic of Congo, having previously acquired ProCredit, a German bank, which is now known as Equity Bank Congo. BCDC, established in 1909, holds the distinction of being the oldest bank in the country.

"We consider ourselves fortunate to have obtained ownership of two highly reputable banks in the market. With our subsidiaries ranking second and fourth in terms of size in the country, we are confident that the amalgamation and merger of these entities will result in a combined bank with a balance sheet exceeding USD 2 Billion. This new entity will possess the capacity and capability to make substantial contributions to the development and transformation of the Democratic Republic of Congo," expressed Dr. Mwangi, the Group Managing Director and CEO of Equity Group Holdings Plc.

Dr. Mwangi further stated that the merger would create a subsidiary that contributes more than 20% of the Group's total balance sheet. With the leadership, managerial expertise, and financial resources of the Group, coupled with the business synergies gained as a member of a regional group, the merged entity is expected to become the largest banking institution in the DRC within a year.

"We are delighted to have acquired the size and nationwide infrastructure that will allow us to leverage our experience and capabilities for significant contributions to the transformation of lives and livelihoods in the DRC. Moreover, this acquisition will stimulate the economic transformation of the country through efficient resource allocation," Dr. Mwangi added. He also emphasized that the addition and amalgamation with BCDC would pave the way for Equity Group Holdings Plc to become a Kshs 1 trillion balance sheet business, benefiting from economies of scale.

Regarding the transaction, George Forrest expressed his perspective, saying, "I made the decision to sell my shares in BCDC to Equity because I believe that Equity will preserve and enhance its deserved prestige. BCDC has made remarkable contributions to the creation and development of the DRC, writing its history over the last 111 years. I sell my shares to Equity with confidence that it will elevate BCDC to become the largest bank in Congo and continue its contributions to the country's development and transformation." He further remarked, "Today, as the transaction concludes, I am content and proud to have passed on the torch of this remarkable institution to Equity. I have written the final page of my chapter in the book called BCDC, and I am at peace knowing that Equity will continue writing the wonderful story of BCDC."

Dr. Mwangi expressed gratitude to Mr. Forrest, his family, the board, and the management of BCDC for their transparency and trust throughout the transaction. He added, "We are thankful for the confidence and trust bestowed upon us."