Kenyan financial company Equity Group Holdings has acquired more than 99 per cent of shares in Rwandan lender Cogebanque.

The acquisition process, which was initiated in June, was completed on Thursday, November 30 after Equity Group bought out Cogebanque’s issued share capital worth Rwf58.96 billion ($47.49 million).

“[Equity Bank Group] is pleased to inform its shareholders and the public that the conditions precedent to the Cogebanque Acquisition including the receipt of all requisite corporate and regulatory approvals have been fulfilled and/or waived (as applicable),” Equity Group’s Managing Director and CEO James Mwangi said in a statement on Friday, December 1.

The acquisition of Cogebanque will enable Equity Group to consolidate its position in Rwanda and is “an important step towards the attainment of its vision of being Sub-Saharan Africa's premier financial institution,” Mwangi said.

Cogebanque is now a subsidiary of Equity Bank Rwanda, which is owned by Equity Group, and the two will eventually be merged, he said.

According to the financial books of 2022, the acquisition of Cogebanque makes Equity Bank Rwanda the second largest bank in the country,

In July, Equity Group entered into a share purchase agreement with the Rwandan government, the Rwanda Social Security Board, Sanlam Vie and Judith Mugirasoni for the acquisition of 91.9 per cent of Cogebanque’s issued share capital at Rwf54.9 billion.

Equity Group also offered to the remaining shareholders to acquire all their shares, with the intention of becoming the holder of 100 per cent of Coguebanque’s issued share capital.

Mwangi said Equity Group now owns over 99 per cent of the issued share capital of Cogebanque, making it its subsidiary.

Equity Group Holdings “will commence the process of amalgamating the business of Cogebanque with that of Equity Rwanda after receiving final regulatory approval for the merger,” Mwangi said.

Equity Group through the combined businesses of Equity Rwanda and Cogebanque “aims to provide even better access to competitive, tailored financial services to improve lives and livelihoods of the people of Rwanda, expand opportunities for wealth creation whilst also delivering significant value to its stakeholders,” he said.