Equity Group Holdings Limited has entered into an agreement with ProCredit Holding AG and Co. KGaA (PCH), Belgische Investeringsmaatschappij Voor Ontwikkelingslanden N.V (“BIO”) and Stichting DOEN (“DOEN”) to acquire 79 per cent of the issued share capital of ProCredit Bank Congo S.A. (“ProCredit”), a public limited liability company established in the Democratic Republic of Congo (“DRC”).
Completion of the transaction is subject to regulatory approval in Kenya and the Democratic Republic of Congo.
ProCredit is the leading bank in the SME sector in the DRC. The Bank is the 7th largest bank by assets in the market with total assets exceeding US$ 200million, net assets of US$ 25million and a customer base of over 170,000. It was established in 2005 and has amongst its shareholders the German Development Bank KfW (“KfW”) and the International Finance Corporation (“IFC”) who currently hold 12 per cent and 9 per cent of the Bank’s issued share capital respectively.
Dr. James Mwangi, Group Managing Director and CEO of EGHL said the proposed acquisition of ProCredit , an SME focused bank in the DRC, provides Equity Group a great platform to further the Group’s growth objectives while extending its mission of financial inclusion across Africa. “We are excited about our entry into Sub Sahara Africa’s third most populous country through the investment in a fast growing, well established and highly regarded Bank. We see enormous scope for development in the DRC and, together with the well trained and dedicated team of staff at Pro Credit Bank, we look forward to actualising the great ambitions we share for the DRC market” he added.
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