Kenya’s Equity Group has made history by becoming the first bank in Eastern and Central Africa to pass the Sh1 trillion balance sheet mark.
The milestone was achieved following the successful migration of DR Congo’s Banque Commerciale Du Congo (BCDC) to Equity’s core banking platform.
Equity has brought BCDC's systems into its core banking business after it acquired a majority stake in the Congolese lender in August for $95 million (Sh10.2 billion) as part of a Pan-African expansion drive.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet,” Equity Group CEO Dr. James Mwangi said during the migration in Kinshasa on Wednesday.
He added: “The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh142 billion. Equity banking subsidiaries will now be in a position to leverage the Group’s strength to extend large corporate loans across all the countries where Equity operates.”
Mwangi said BCDB’s 112 years of corporate banking experience will play a major role in strengthening Equity’s supreme banking experience.
On his part, BCDB managing-director Yves Cuypers, said: “We are excited at the possibilities that Equity Group Holdings brings to our BCDC customers.”
He added: “By becoming part of a large international financial services Group, our customers will enjoy a wider choice of products and services and most importantly, they will immediately be able to access modern technologically driven banking, including a versatile mobile banking experience, international card payment options, and merchants, access to a wide range of payment outlets and a broad digital banking footprint.”