{"id":48279,"date":"2023-06-15T07:51:35","date_gmt":"2023-06-15T07:51:35","guid":{"rendered":"https:\/\/new.igihe.com\/equity-group-to-acquire-cogebanque\/"},"modified":"2023-06-19T09:21:34","modified_gmt":"2023-06-19T09:21:34","slug":"equity-group-to-acquire-cogebanque","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/equity-group-to-acquire-cogebanque\/","title":{"rendered":"Equity Group to acquire Cogebanque"},"content":{"rendered":"

According to a statement announcing the development, the acquisition of the fifth largest bank, and subsequent amalgamation of the business with that of Equity Group\u2019s existing banking subsidiary in Rwanda, would position Equity Bank as the 2nd largest bank in Rwanda after the merger with a total combined assets market share of 18% and a deposits market share of 19% based on audited accounts as at 31st December 2022. <\/p>\n

The transaction would solidify Equity Group\u2019s systemic status in the region with the amalgamated Rwanda subsidiary joining Equity Bank Kenya and Equity BCDC in the Democratic Republic of Congo as banks with the second largest market share in their respective markets. <\/p>\n

Commenting on the development, Dr, James Mwangi, Group Managing Director and CEO, Equity Group Holdings Plc said: \u201cRwanda\u2019s 5-year average GDP growth rate at 6.5% ranks it amongst the 10 fastest growing countries in the world.\u201d <\/p>\n

\u201cRwanda\u2019s economic growth is expected to be supported by a continued ease of doing business, recovery of global travel that will underpin its tourism and Meetings, Incentives, Conferences and Exhibitions (MICE) strategy targeting Foreign Direct Investments, regional integration, supporting trade and increasing contribution to its manufacturing sector. <\/p>\n

An underpenetrated financial services sector, with private sector credit and GDP being below 30% provides a well-defined secular growth opportunity for the financial services Group,\u201d he added.<\/p>\n

Dr. Uzziel Ndagijimana, Rwanda\u2019s Minister of Finance and Economic Planning has also welcomed the acquisition.<\/p>\n

\u201cEquity Group’s acquisition of Cogebanque reflects the trust and confidence placed in Rwanda’s economic prospects and the resilience of our financial industry,” he noted. <\/p>\n

“The consolidation of these two institutions will undoubtedly contribute to the growth and stability of Rwanda’s banking sector, enabling us to provide better financial services to our citizens and facilitate economic empowerment,\u201d added Dr. Ndagijimana.<\/p>\n

\"Cogebanque<\/figure>\n
\"The<\/figure>\n","protected":false},"excerpt":{"rendered":"

{Equity Group Holdings Plc, in keeping with its strategic regional expansion, has announced its intention to acquire Compagnie G\u00e9n\u00e9rale de Banque (Cogebanque) PLC Ltd in Rwanda after signing a binding term sheet that will mean that, upon completion of the transaction, EGH will pay an aggregate cash consideration of Rwf 54.68 billion (USD 48.1 million) for a 91.93% controlling equity stake.}<\/p>\n","protected":false},"author":62,"featured_media":2000057169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-48279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000057169,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/equiba.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/48279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=48279"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/48279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000057169"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=48279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=48279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=48279"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=48279"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=48279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}