Equity Group is set to acquire a controlling stake in a Rwandan bank at RWF54.68 billion (Ksh6.67 billion - $47.75 million), marking the latest in a series of deals that have seen Kenyan banks nearly double their profitability in the East African region in just a year.
The lender, which tops the profitability chart in Kenya, announced on Wednesday it has signed an agreement to acquire a 91.9 percent stake in Compagnie Générale De Banque Plc (Cogebanque) in a deal that values the Rwandan bank at Ksh7.26 billion ($51.97 million).
