EGHL set to enter vast Democratic Republic of Congo market with acquisition of ProCredit Bank

Nairobi, 26th May 2015 ….. Equity Group Holdings Limited (“EGHL”) has entered into an agreement with ProCredit Holding AG & Co. KGaA (PCH), Belgische Investeringsmaatschappij Voor Ontwikkelingslanden N.V (“BIO”) and Stichting DOEN (“DOEN”) to acquire 79% of the issued share capital of ProCredit Bank Congo S.A. (“ProCredit”), a public limited liability company established in the Democratic Republic of Congo (“DRC”).

Completion of the transaction is subject to regulatory approval in Kenya and the Democratic Republic of Congo.

ProCredit is the leading bank in the SME sector in the DRC. The Bank is the 7th largest bank by assets in the market with total assets exceeding US$ 200million, net assets of US$ 25million and a customer base of over 170,000. It was established in 2005 and has amongst its shareholders the German Development Bank KfW (“KfW”) and the International Finance Corporation (“IFC”) who currently hold 12% and 9% of the Bank’s issued share capital respectively.  The Bank is well positioned for growth in the vast and resource rich country as the market scales up its banking penetration across the over 85 million population from current levels of under 4% towards the regions average banking penetration level of over 20%.

Dr. James Mwangi, Group Managing Director and CEO of EGHL said the proposed acquisition of ProCredit, an SME focused bank in the DRC, provides Equity Group a great platform to further the Group’s growth objectives while extending its mission of financial inclusion across Africa. “We are excited about our entry into Sub Sahara Africa’s third most populous country through the investment in a fast growing, well established and highly regarded Bank.  We see enormous scope for development in the DRC and together with the well trained and dedicated team of staff at Pro Credit Bank, we look forward to actualizing the great ambitions we share for the DRC market” he added.

Pro Credit Bank is an acknowledged leader in SME finance, innovation & transparency, human capacity and technological advancement in the market. Equity Group intends to leverage on ProCredit’s strong business strategy, institutional capacity as well as its world-class risk management heritage to step up the Bank’s growth in its existing core sector of SME banking in the DRC while at the same time launch an aggressive drive to develop the largely underserved retail market segment drawing on Equity Group’s experience in Agency and other technology led innovative banking services. Procredit is also poised to benefit from the ongoing regulatory driven reforms in the DRC market including government led efforts to extend financial inclusion by requiring all public sector workers and state officials payments to be made through the banking system.

“At EGHL, we are excited to announce the proposed acquisition of a majority stake in ProCredit which is one of the fastest growing banks in the DRC. This acquisition dovetails with our Equity 3.0 growth strategy as part of our commitment to deepen banking services and enhance financial inclusion in Africa,” said Dr Mwangi.

“ProCredit Holding, DOEN and BIO are proud to have built ProCredit Bank Congo since its foundation in 2005. ProCredit Bank has played a pioneering role in serving small and medium-sized enterprises and bringing banking services to DRC in general and the SME sector in particular. After evaluating various bids, ProCredit Holdings was clear that Equity Group provided the right strategic fit to support the further development of ProCredit Bank Congo S.A. We are very confident that Equity Group will offer excellent prospects for our clients, staff and most importantly for DRC’s economy.” said Helen Alexander, Manager, ProCredit Holding AG & Co. KGaA.

Philip Sigwart, Executive Chairman of ProCredit Bank Congo commented “This is an exciting new development for ProCredit Bank and indeed for the banking sector as a whole in the Democratic Republic of Congo. Equity Group is one of the strongest banking groups in the region with exciting expansion plans. We look forward to drawing on Equity Group’s depth in experience and resources to scale up our operation into a top leadership position in the market in the near future.”

Equity Group was advised by Equity Investment Bank as the transaction advisor while Anjarwalla & Khanna acted as the legal counsel.


For more information, kindly contact:

Alex Muhia

Equity Bank Group

T: 0763 618871


Alfred Ng’ang’a

Ogilvy Public Relations Ltd

T. 0763 799069



Note to the Editors

About ProCredit Bank Congo S.A.

ProCredit Bank Congo S.A is a leading SME-focused financial institution in the Democratic Republic of Congo and part of the international ProCredit Group which is headquartered in Frankfurt, Germany. The Bank commenced operations in 2005 focused on providing financial solutions to support small and medium-sized enterprises. It is currently amongst the top 10 banks in the Democratic Republic of Congo by total assets and deposits, has over 170,000 active accounts and is a leader in technology and transparency. Additional information may be found at:

About ProCredit Holding AG & Co. KGaA

ProCredit Holding AG & Co. KGaA, headquartered in Frankfurt am Main, Germany, is the parent company of the ProCredit group, comprising ProCredit banks and financial service providers operating in developing countries and emerging economies as well as ProCredit Bank in Germany. As of 31 March 2015, the group’s total assets amounted to €6.1 billion. The total outstanding loan volume was €4.3billion, against customer deposits totaling €.4 billion. The group’s equity base amounted to €575 million. ProCredit Holding AG & Co. KGaA, is a “public-private partnership” whose core shareholders are the strategic investors IPC and IPC Invest (an investment vehicle for ProCredit staff members), the Dutch DOEN Foundation, KfW and the IFC (World Bank Group). Additional information may be found at:

About Belgische Investeringsmaatschappij voor Ontwikkelingslanden N.V. (“BIO”)

The Belgian Investment Company for Developing Countries (BIO) is a Development Finance Institution (DFI) established in 2001 in the framework of the Belgian Development Cooperation to support private sector growth in developing and emerging countries. BIO supports financial institutions, investment funds, enterprises and private infrastructure projects. Endowed with a capital of EUR 645 million, BIO provides tailored long-term financial products (equity, quasi-equity, debt and guarantees) either directly or through intermediary structures. BIO can also fund technical assistance programmes for client companies as well as feasibility studies. BIO requires its business partners to implement environmental, social and governance standards. BIO operates as an additional partner to the traditional financial institutions and supports projects with a balance between return on investment and development impact. BIO is a member of EDFI (European Development Finance Institutions). Website:, E-mail:

About Stichting DOEN

Stichting DOEN, or the DOEN Foundation, was set up in 1991 by the Dutch Postcode Lottery. The DOEN Foundation believes that a green, socially-inclusive and creative society is achievable. DOEN actively seeks enterprising people and organisations who can contribute to this mission. DOEN finds these pioneers within two themes, Green & Inclusive Economy and Culture & Cohesion, and frequently supports them at the outset of inspiring initiatives, by issuing subsidies, providing a loan or equity investments, but also to an increasing extent by interconnecting the various parties in its network. The DOEN Foundation funds initiatives from annual contributions received under long term contracts from its founder, the Dutch Postcode Lottery, and the two other Dutch charity lotteries, the BankGiro lottery and the Friends Lottery.

Equity Group Holdings Limited

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company registered in Nairobi, Kenya. The Group has banking subsidiaries in Kenya, Rwanda, Uganda, South Sudan and Tanzania, with additional non-banking subsidiaries engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting and infrastructure services.

Its shares are listed on the Nairobi Securities Exchange, Uganda Securities Exchange and Rwanda Stock Exchange. In 2014, Equity Bank was the most profitable and largest bank in market capitalization in East and Central Africa. Equity Group has an asset base in excess of USD 4 billion.

Over the years, the Group has built a social and economic brand and scaled up by providing financial services to the masses through a diversified distribution of its products and services. It has also had a very unique approach to impacting the lives of the people in communities where it operates using existing infrastructure, enormous human capital and strong brand.

With more than 10 million customers, Equity Bank is East Africa’s largest bank by customers, and has half of the bank accounts in Kenya. Equity’s vision is to be “the champion of the socio-economic prosperity of the people of Africa”. Through a business model that is anchored on access, convenience and flexibility, Equity Bank has evolved to become an all-inclusive financial services provider with a growing pan African footprint. Additional information may be found at:

Equity Investment Bank (EIB) is a subsidiary of Equity Group Holdings Limited and is licensed by the Capital Markets Authority in Kenya to provide investment banking services. EIB is also a member firm of the Nairobi Securities Exchange.  EIB was started in 2009 with the aim of supporting the ever growing advisory and financing needs of Kenyan corporates.

EIB boasts over 60 years of combined employee investment banking experience garnered from various parts of the world.  EIB provides financial and investment services through corporate finance, business advisory, wealth management and stock brokerage divisions.