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Equity Group Holdings Plc, the parent company of Equity Bank, is acquiring a majority stake of 91.93% in Compagnie Générale de Banque (Cogebanque) PLC Ltd in Rwanda.
This move is part of Equity Group’s plan to expand in the region and strengthen its presence in Rwanda’s thriving banking sector.
The acquisition will make Equity Bank the second-largest bank in Rwanda and enhance its ability to support economic growth in key sectors.
Rwanda offers attractive growth opportunities due to its impressive economic growth, ease of doing business, tourism, foreign direct investment, regional integration, and focus on manufacturing.
Equity Group’s decision to acquire Cogebanque reflects its confidence in Rwanda’s economic prospects and the resilience of its financial industry.
By merging Cogebanque with Equity Bank’s existing subsidiary in Rwanda, Equity Group will solidify its position as the second-largest bank in the country. The combined entity will have a significant market share in terms of total assets and deposits.
Equity Group’s investment in Cogebanque aims to promote economic empowerment and financial inclusion in Rwanda.
The merger of branch networks will enable the combined bank to serve customers across the country, particularly Micro-, Small-, and Medium-sized Enterprises (MSMEs).
Equity Group’s wide range of products and advanced technology solutions will benefit the MSME segment, a vital contributor to Rwanda’s economy.
The acquisition of Cogebanque contributes to the growth and stability of Rwanda’s banking sector. It aligns with Rwanda’s vision of becoming an international financial and business centre, with strong local, national, and regional commercial banks forming its foundation.
Overall, Equity Group’s acquisition of Cogebanque strengthens its position in Rwanda’s banking sector, expands its regional presence, and leverages Rwanda’s economic growth in sectors like tourism, foreign direct investment, and manufacturing.
