Equity Group, a Nairobi-based financial services giant led by Kenyan multimillionaire banker James Mwangi, has announced the successful merger of its Rwanda subsidiaries, Cogebanque and Equity Bank Rwanda. This move, approved by corporate and regulatory authorities, is part of the ongoing initiatives to fortify the leading financial services group’s footprint in East Africa.
In a significant development preceding the merger, Equity Group secured an additional 7.2-percent stake from minority shareholders, valued at Ksh7.2 billion ($47 million) — this acquisition marks a pivotal step in the conglomerate’s efforts to diversify its operations and enhance earnings beyond the Kenyan market.
Brand transition underway: Cogebanque to adopt Equity Bank Rwanda identity
Following the legal framework in Rwanda, Equity Bank Rwanda will now take over the business and activities previously managed by Cogebanque. This involves the acquisition of all property, rights, privileges, and liabilities of Cogebanque.
Consequently, Cogebanque will be deregistered in adherence to Rwandan company laws, ceasing to be a subsidiary of Equity Group. Post-merger, The group will hold a commanding 99.816-percent shareholding in Equity Bank Rwanda, with the remaining distributed among three other shareholders.
In the coming weeks, Cogebanque branded branches and other outlets will undergo a brand identity transition, adopting the Equity Bank Rwanda brand. This signifies a seamless integration of services, underscoring a unified commitment to providing enhanced financial solutions to the people of Rwanda.
James Mwangi optimistic about the merger’s impact on regional economic development
Commenting on the merger, Mwangi, the managing director and CEO of Equity Group, expressed his satisfaction: “We are pleased to announce the successful merger of Cogebanque with Equity Bank Rwanda, a culmination of meticulous planning, regulatory diligence, and the collective efforts of our teams at Cogebanque and Equity Bank Rwanda. This merger positions us to deliver even better access to competitive and tailored financial services, aiming to improve the lives and livelihoods of the people of Rwanda.”
Mwangi also emphasized commitment to supporting regional economic development, transcending borders, and fostering collaboration across nations. With a presence in six countries, including Rwanda, Uganda, Tanzania, the Democratic Republic of Congo, Kenya, and South Sudan, Equity Group aims to be a driving force for cross-border trade support.
Through the combined strengths of Equity Bank Rwanda and Cogebanque, Equity Group envisions expanding opportunities for wealth creation while upholding the highest standards of service excellence, innovation, and financial inclusion. The merged entity is poised to play a pivotal role in driving economic growth and delivering value to stakeholders in the region.