Business
Kenya’s Equity Group Holdings acquires DR Congo’s ProCredit Bank – plans Africa-wide expansion
Helen Alexander, Manager, ProCredit Holding AG & Co. KGaA said: “ProCredit Holding, DOEN and BIO are proud to have built ProCredit Bank Congo since its foundation in 2005. It has played a pioneering role in serving small and medium-sized enterprises and bringing banking services to DRC in general.
“After evaluating various bids, ProCredit Holdings was clear that Equity Group provided the right strategic fit to support further development.”
Equity Group was advised by Equity Investment Bank as the transaction advisor.
About Equity Group Holdings Limited: Equity Group Holdings Limited formerly Equity Bank Group was founded in Kenya, as Equity Building Society, in October 1984. Equity Building Society was originally a provider of mortgage financing for customers in the low income population. Large numbers of Africans have historically been excluded from formal sources of capital, such as banks, building societies and other regulated financial institutions. They knew little about these resources, which makes financial literacy and education strategically important to Equity Bank’s growth. Also due to its rural banking orientation, promotion of agribusiness is a significant and strategic intervention by the bank.
Having been declared technically insolvent in 1993, Equity Bank Group later returned to profitability in the following years. By 2011, Equity Bank had more than 7.15 million customers; nearly half of bank accounts in Kenya. The company’s vision is “to be the champion of the socio-economic prosperity of the people of Africa”.
Equity Bank has been severally voted the “best bank in retail banking” due to, among other factors, the customer dedication and talented management team. In addition to enjoying widespread recognition domestically, the company has attracted a lot of global accolades and awards, as other developing countries in Africa and Asia seek to learn from Equity’s low margin, high-volume model.
Equity Group Holdings Limited CEO James Mwangi was in 2012 named the Ernst & Young World Entrepreneur of the year 2012.
Source: Business Daily Africa
