Equity BCDC becomes DR Congo’s second largest bank, claiming nearly one million customers. Its financial base allows it to both extend its offering to small accounts and to offer large loans.
On the one hand, the oldest bank in DR Congo, on the other, the one which offers one of the strongest growths on the continent. Equity Banque Commerciale du Congo, or Equity BCDC, presents its new identity, following the merger between Equity Bank Congo and Banque Commerciale du Congo.
This launch is a new step for financial services in DR Congo, a country eager for modernity in banking. The group unveiled its new image during a ceremony on February 11, 2021, attended by various figures from Congo and neighboring countries. Following this merger, Equity BCDC becomes the second largest bank in DR Congo with a balance sheet of $2.5 billion.
In terms of management, Yves Cuypers and Célestin Mukeba will be the two general managers of the new structure. Surrounded by their assistants, they will continue to lead the management committee and will be members of the board of directors.
Given its new scale, the institution has the critical size to expand the capacity to access financial services across one of Africa’s largest countries. This is why its leadership promises to focus its strategy and commitment to stimulate financial inclusion and support the transformation of the lives and livelihoods of the Congolese.
Former CEO of Equity Bank Congo, Célestin Mukeba, recalled that two legendary banks, with diverse strengths, came together to form “a bigger and stronger bank for the Congolese people”. The new group has 74 branches and 3,055 agents, and nearly one million customers.
“The new bank has the capacity, the talent pool, the experience and the vision to make banking affordable and accessible to every household. A bank account is the start of a journey to empowerment. With a bank account, every Congolese can save any amount, as little as 1,000 Congolese francs, and can carry out transactions as needed.”
An important role to play!
According to Célestin Mukeba Muntuabu, this merger creates a platform allowing the bank to develop its offers and capacities. It thus becomes “a financial institution endowed with the strength, expertise, innovation, a solid capital base and regional and global reach to support the economic growth aspirations of the DR Congo”.
The merger of two banks is an exceptional event, particularly in DR Congo, since it is the first time that this has happened. “Consequently, we encountered some difficulties”, admitted Yves Cuypers, general manager. Who thanked his clients “for their understanding and patience”.
Equity BCDC intends to stimulate financial inclusion in the country, and thereby support the standard of living of the Congolese people. “This is the challenge of this generation, to establish a base that the next generations will use for the next hundred years!” Exclaimed James Mwangi, CEO of Equity Group Holding. “Thus, we will be able to build a bridge between the DR Congo and the international community”.
By ensuring its regional and developing presence in DR Congo, “Equity BCDC has an important role to play in the financial landscape of this country”, declared the Minister of Portfolio, Clément Kwete.
The bank will also act as a guide for young Congolese companies, including those which already have a certain foundation. In fact, “we will give customers the opportunity to borrow $40 million, with the contribution of a hundred group like ours, we will be able to go up to $350 million”, explains Célestin Mukeba. Who sees in its amounts the benefits of an alliance “between a young dynamic bank and a large century-old bank”.
This merger follows the acquisition by Equity Group Holding of the 66.53% stake in BCDC shares held by the family of George Forrest. The operation announced in August 2020 did not receive final approval from the supervisory authorities until December 30.
