Cogebanque Ltd has embarked on the process of reaching an agreement with Attijariwafa Bank to acquire the majority of stakes in Cogebanque.
The Memorandum(MoU) of Understanding was signed on 19th October, 2016 in the presence of President Paul Kagame and His Majesty King Mohammed VI of Morocco.
The MoU defines a roadmap to be undertaken, which will culminate into the signing of a share purchase agreement.The completion of this transaction is subject to certain conditions and obtaining of all mandatory regulatory approvals.
Attijariwafa bank is a leading banking and financial Group in Africa founded in 1904. It is present in 25 countries with 3,844 branches and 17,367 employees servicing 8.1million customers. It’s listed on the Casablanca Stock Exchange with a market capitalization of USD 7.4 billion as at 30th September, 2016.
Cogebanque started its operations in July 1999. Its rapid and consistent growth over the years has made it a force to reckon in the Rwandan market where it was ranked 2nd on 31st December, 2015 in terms of total assets which stood at Rwf 178 billion with a net profit of Rwf 2.6 billion for the year.
With a current network of 23 branches, very diversified delivery channels and a net profit of FRW 2.99 billion as at September 30th, 2016 it’s on course to record exceptional performance for the year.
“We believe that it’s due to Cogebanque’s consistent good performance and positioning in the market that led Attijariwafa bank to pick interest as they looked to invest in Rwanda. This move is in line with Cogebanque’s vision, “said the financial center of excellence and leading provider of innovative financial solutions in Rwanda and the region.
“We have utmost conviction that Attijariwafa bank is the right partner to move Cogebanque to the next level of growth that will see it increase its capital base, so as to meet diverse customers’ needs,” said Mr. Philibert Africa, Chairman Board of Directors Cogebanque.