(Ecofin Agency) - The Competition Commission of the Common Market for Eastern and Southern Africa (COMESA) has granted its green light for the acquisition of a 66.53% stake in DR Congo commercial bank (BCDC) by Kenyan Equity Group Holdings.

The Competition Commission says that this operation is unlikely to harm trade between the Member States of the organization or the competition between the banking institutions operating there. The finalization of the transaction is now subject to the approval of the Central Bank of Congo and the Central Bank of Kenya.

Equity Group Holdings has initiated the procedure to acquire the 66.53% share, held by businessman George Forrest in the capital of the Congolese bank, since November last year. The Kenyan group has bid $105 million for the transaction and plans to subsequently merge BCDC with its local subsidiary in the DRC, Equity Bank Congo S.A, once the operation is completed.

Chamberline Moko