Equity Group, on July 28, completed the acquisition of 91.9 percent shares in Cogebanque at a cost of $55 million, making it the majority shareholder in the Rwandan bank.

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The stakes were acquired from the government of Rwanda, Rwanda Social Security Board (RSSB), and other investors. The New Times understands that Equity Group has extended an offer to the remaining shareholders to own 100 percent of Cogebanque.

The merged entities now have total combined assets and deposits of market share of 18 percent and 19 percent, respectively, according to audited accounts of December 2022.

James Mwangi, the Equity Group Managing Director and CEO, emphasized that this acquisition marks a pivotal step in the journey to further strengthen its foothold in Rwanda&039;s banking sector.

"By integrating Cogebanque's operations into our existing framework, we are poised to capture new growth opportunities and enhance our ability to deliver exceptional financial services to our valued customers. This strategic move also perfectly aligns with the Group's overarching strategy aimed at fostering the social and economic transformation of Africa," he said.

To ensure a seamless integration process, Equity Group has appointed a dedicated integration committee comprising senior executives, which will lead efforts to unite both entities into a single entity in Rwanda in the coming months, according to officials.

On the intention to acquire all stakes in Cogebanque, Mwangi said that this showcases the Group's commitment to foster a stronger and more resilient banking institution that serves the people's needs and contributes to Rwanda's economic growth and development.

Uzziel Ndagijimana, the Minister of Finance and Economic Planning, said that this landmark alliance is set to better serve the people's needs and significantly contribute to Rwanda's economic growth and development.

"Equity Group's acquisition of Cogebanque reflects the trust and confidence placed in Rwanda's economic prospects and the resilience of our financial industry,” he noted.

Ndagijimana added that the consolidation of the two institutions will contribute to the growth and stability of Rwanda's banking sector, enabling better financial services and facilitating economic empowerment.

Customers will gain access to a broader network of branches across Rwanda, enhancing their banking experience.

This will be further enhanced through the combination of Cogebanque’s existing network of 28 branches with that of Equity Rwanda to achieve countrywide distribution and coverage.