Kenya's Equity Bank to expand to the DRC via acquisition in first step outside East Africa

James Mwangi, CEO, Equity Bank

Kenya‘s Equity Bank Group plans to expand its operations into the Democratic Republic of Congo by acquiring a 79 percent stake in ProCredit Bank Congo, its chief executive officer said on Tuesday.

James Mwangi, the CEO of Equity Bank, which focuses on the lower-income part of the market and also operates in Uganda, South Sudan, Tanzania and Rwanda, told a news conference the move was subject to regulatory approval but did not give a time frame for its entry, nor the cost of the investment.

“Today we announce the objective of making our first step outside east Africa,” Mwangi said.

Read more: UPDATE 2-Kenya’s Equity bank to expand to Congo via acquisition | Reuters