Equity to cede 2.3pc stake in Congolese bank acquisition bid

Three European investors are likely to own up to 2.3 per cent of Equity Bank Group in exchange for a majority stake in Congolese lender ProCredit Bank, an analysis of the transaction, which is underway, shows.

Equity on Tuesday last week announced that three institutional investors — German firm ProCredit, Belgian development finance institution BIO and Dutch fund DOEN — that respectively own 61 per cent, six per cent and 12 per cent of the Congo bank — are willing to sell their stake to the Kenyan lender.