Equity Group hosts COGEBANQUE customers in Kigali,Rwanda

Equity Group Managing Director and CEO, Dr. James Mwangi, alongside Equity Group subsidiaries’ boards and management hosted staff and customers of Equity Bank Rwanda and COGEBANQUE during two major events held at the Serena Hotel in Kigali, Rwanda.

The staff event was also graced by clergy including Rev. Dr. Erisa Mutabazi, Subdean, St. Etienne Cathedral, Anglican Church of Rwanda. The events follow the successful completion of the acquisition of COGEBANQUE by Equity Group Holdings Plc.

Dr. Mwangi highlighted that, the acquisition of COGEBANQUE is set to transform Rwanda into an Eastern and Central Africa trade hub and is set to position Equity Group for further growth in Sub-Saharan Africa.Customers of both COGEBANQUE and Equity Bank Rwanda are set to benefit from a bigger balance sheet, an expanded branch network and improved digital banking services.

Staff left the event with the confidence that the synergies created by the merger are not only reshaping the banking landscape in Rwanda but are also unlocking unprecedented opportunities for professional growth and development.

 Equity Group Holdings Plc (EGH),successfully completed the acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy in December

The acquisition had follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals and was completed on November 30, 2023. EGH now holds 198,250 shares representing 99.1250% of the issued share capital of COGEBANQUE, officially making COGEBANQUE its subsidiary.

On June 14, 2023, EGH publicly disclosed its entry into a binding term sheet for the acquisition of 91.93% of COGEBANQUE’s issued shares from the Government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni (the Sellers).The completion of the acquisition was subject to various conditions, including confirmatory due diligence, execution of definitive agreements, regulatory approvals from the Central Bank of Kenya, the National Bank of Rwanda, the COMESA Competition Commission, and corporate approvals.