Deals
Equity Group Marches on Across Africa With Fresh Congo Purchase
- Kenyan lender plans cash acquisition of stake in BCDC
- Deal will be Equity’s second this year after Atlas transaction
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Equity Group Holdings Plc plans to buy a lender in the Democratic Republic of Congo, its second acquisition in five months, as part of the Kenyan bank’s strategy to expand across Africa.
Directors agreed to enter a “non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of BCDC with that of EGH’s existing banking subsidiary in DRC,” Equity said in an emailed statement on Monday.