Equity Completes Acquisition of DRC-Based ProCredit Bank
Friday, September 18, 2015
Equity has completed acquisition of ProCredit Bank of the Democratic Republic of Congo after receiving regulatory approval from Kenya and DRC.
Making the announcement, Equity Group CEO James Mwangi said the transaction to acquire 79 per cent stake of ProCredit Holding issued shares was complete. ProCredit is an SME focused bank in the DRC.
Addressing an investor briefing in Nairobi, Mwangi said the acquisition provides Equity Group with a great platform to further the group’s growth objectives while extending its mission of financial inclusion across Africa.
“We are excited about our entry into Sub-Saharan Africa’s third most populous country through the investment in a fast growing, well established and highly regarded bank,” he said.
Phillip Sigwart, former chairman of ProCredit’s board of directors, now assumes the position of chief executive of the group’s new subsidiary in DRC. Sigwart welcomed the merger.
“This exciting news will pave way for ProCredit to leverage on the expertise of Equity Group in enhancing financial inclusion in the unbanked DRC population,” Sigwart said.