The acquisition, valued at Rwf54.68 billion, propels Equity Bank to a prominent position among the local banking giants, now ranking as the second-largest bank in Rwanda in terms of portfolio size.
Dr. James Mwangi, the CEO of Equity Group, expressed his satisfaction with the deal, highlighting its potential to drive a 54% growth for Equity Bank Rwanda and increase its lending capacity from US$15 million to at least US$25 million. This boost is expected to greatly benefit entrepreneurs and loan applicants seeking financial support.
Dr. Mwangi emphasized that this acquisition goes beyond a simple sale; it signifies a collaboration that fosters economic and commercial development in the region, holding the potential to positively impact local economic players.
The acquisition of Cogebanque Plc by Equity Bank is also anticipated to stimulate the creation of various job opportunities.
Dr. Uzziel Ndagijimana, the Minister of Finance and Economic Planning, praised the spirit of collaboration between the two parties and celebrated the swift conclusion of the deal, with negotiations taking only one month.
According to Minister Ndagijimana, this acquisition will make a significant contribution to accelerating the country’s economic growth.
The merger was officially sealed on Friday, July 28, 2023, at the Ministry of Finance and Economic Planning premises, with the participation and signatures of Rwandan stakeholders, including the government, RSSB, Sanlam, and Judith Mugirasoni, the representative of Bertin Makuza’s interests.