By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Equity buys extra 6.6pc stake in DRC bank for Sh9.2bn
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Equity buys extra 6.6pc stake in DRC bank for Sh9.2bn
Business

Equity buys extra 6.6pc stake in DRC bank for Sh9.2bn

hallanaija
Last updated: April 24, 2023 3:47 am
hallanaija
2 years ago
Share
equity
Equity Group Holdings PLC, Group Managing Director and CEO Dr James Mwangi.
SHARE

Equity Group acquired an extra 6.6 percent stake in its subsidiary in the Democratic Republic of the Congo for Sh9.24 billion, underlining the lender’s quest to increase the share of profits outside Kenya.

Equity also bought an additional 452,659 shares in the DR Congo unit for Sh8.5 billion through a rights issue, giving the bank a 4.3 percent stake.

The Kenyan bank disclosed in its annual report last week that it acquired a 2.3 percent stake from minority owners of Equity BCDC in August last year for Sh740 million.

equity

DR Congo is one of the biggest countries on the continent by land mass and has more than 90 million people, making it appealing to ambitious banks in the neighbouring states looking for growth.

Kenyan commercial banks, including KCB Group, are looking beyond their borders for acquisitions, seeking to tap growing opportunities in the wider East Africa region, driven by rapid economic growth and trade integration.

Equity also operates in Tanzania, Rwanda, Burundi, South Sudan and Uganda, has a representative office in Ethiopia and is diversifying into a regional bank.

READ MORE  How escalating Red Sea crisis poses billions of dollars of risk for India

This transaction values the DRC Congo unit at Sh140 billion, making it the most valuable Equity subsidiary.

Equity Group’s banking business in Kenya, where it is the biggest bank by customers, provides the bulk of profits but subsidiaries outside the country are growing in importance.

The share of profits from the subsidiaries grew from 15 percent in 2018 to 27.6 percent at the end of last year.

Dairy coops’ renaissance boosts rural economies
Fuel adulteration levy to cross Sh4bn mark
Kenya National Treasury Cuts Kenya Airways Funding
KRA gives up on Sh400m demand from SBM Bank
Kenya Pipeline(KPC) to buy oil refinery at zero cost
Share This Article
Facebook Email Print
Previous Article car importers KRA will allow used car importers to defer taxes
Next Article IFMIS Treasury decries high loan commitment fees
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Tragedy Strikes Presidential Convoy!! Boda Boda rider and passenger killed in horror crash during RUTO’s Embu visit (PHOTOs)
  • Farmhand dies by suicide after allegedly defiling, killing employer’s daughter
  • Unmarked squad linked to killings as Saba Saba protests turn deadly
  • Concern over press freedom as journalists attacked at Nyeri Saba Saba coverage
  • Learning paralyzed in Nairobi as Saba Saba protests disrupt school operations

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?