In late 2021, the Kenya-based financial services holding had 77.5% in EquityBCDC. By increasing it to 84.1%, it is therefore consolidating its shareholding in the bank. 

In 2022, financial services holding Equity Group Holdings acquired an additional 6.6% stake in the capital of its Congolese subsidiary, Equity Banque Commerciale du Congo (EquityBCDC), for $86.3 million. The holding announced the acquisition in its 2022 financial statement. 

In August 2022, the financial group first acquired 2.3% from minority shareholders for $6.9 million. It later acquired an additional 4.3%, worth $79.4 million, through preferential subscription rights. 

"The new shares acquired through a rights issue, in addition to the shares acquired from minority shareholders resulted in Equity Group Holdings' ownership in EquityBCDC increasing from 77.5% at the end of 2021 to 84.1% currently," the group indicated.

EquityBCDC is an important subsidiary of its parent company. It is the second largest bank in the Democratic Republic of Congo (DRC), with a balance sheet of $3.6 billion. In 2021, it was also the second-largest banking subsidiary of Equity Group Holdings. At the end of 2021, EquityBCDC's net banking income (equivalent to revenues) was 299,859 million Congolese francs ($144 million), up 82% from 2020. The bank's net income is estimated at 80.3 billion Congolese francs in 2021 compared to 8.6 billion Congolese francs in 2020.

In addition to EquityBCDC, the Kenyan financial holding company Equity Group Holdings has banking subsidiaries in Uganda, Rwanda, South Sudan, and Tanzania, as well as a commercial office in Ethiopia.

Chamberline Moko