ProCredit Bank DRCongo

ProCredit Bank DRCongo
Private
Industry Financial Services
Founded 2005
Headquarters Kinshasa
Democratic Republic of the Congo
Key people
Phillip Sigwart
Chief Executive Officer
Products Loans, checking, savings, investments
Revenue Increase Afertax:US$5.525 million (2015)
Total assets US$228.4 million (May 2015)
Parent Equity Group Holdings Limited
Website Homepage

ProCredit Bank DRCongo (PBD) is a commercial bank in the Democratic Republic of the Congo. As of May 2015, it was the seventh largest commercial bank in the country, with assets exceeding US$200 million and shareholders' equity of US$25 million. At that time, its customer base exceeded 170,000.[1]

Overview

According to 2015 tax filings by Equity Group Holdings Limited, Procredit Bank had an asset base of about US$228.4 million, a loan book of about US$132.67 million, customer deposits of about US$185.5 million, and shareholder's equity valued at US$29 million at the time it was acquired by EGHL. Procredit made an after-tax profit valued at US$5.525 million in Calendar Year 2015.[2] *Note: US$1.00 = KSh100.3, on 30 March 2016

Ownership

Before May 2015, three corporate entities jointly owned 79 percent of PBD's stock:[1] Procredit Bank, the German Investment Corporation, and Stichting DOEN. The remaining 21 percent was held by KfW (12 percent) and the International Finance Corporation (9 percent).[1]

On 26 May 2015, Equity Group Holdings Limited (EGHL) of Kenya, a large financial services conglomerate with an estimated asset base exceeding US$3.83 billion (KES:339.44 billion) and shareholders' equity exceeding US$644.6 million (KES:57.1 billion) as of 30 September 2014,[3] announced that it had agreed to pay US$60 million for 79 percent shareholding in PBD.[1] EGHL has a customer base exceeding 9.2 million in the five East Arican countries it serves, making it the largest commercial bank on the African continent by customer numbers.[4] Following regulatory approval by Kenyan and Congolese authorities, which was obtained in September 2015, the shareholding in the bank looks as illustrated in the table below:[5]

ProCredit Bank DRCongo Stock Ownership
Rank Name of OwnerPercentage Ownership
1 Equity Group Holdings Limited 79.0
2 KfW 12.0
3 International Finance Corporation 9.0
Total100.00

Branches

As of May 2015, PBD maintained 15 networked service branches. EGHL plans to increase the branch list to 30.[6]

Equity Group Holdings Limited

The ProCredit Bank DRCongo's parent company, the Equity Group Holdings Limited is a large financial services conglomerate in East and Central Africa. The companies that comprise the Equity Group Holdings Limited include the following:

Shares of the Stock of Equity Group Holdings Limited, the parent company of Equity Bank, are listed on the Nairobi Stock Exchange (NSE), under the symbol EQTY. The Group's stock is also cross-listed on the Uganda Securities Exchange (USE), under the symbol EBL.

See also

References

  1. 1 2 3 4 BDAfrica Reporter (26 May 2015). "Equity Buys 79 Percent Stake In DR Congo’s ProCredit Bank". Business Daily Africa. Nairobi. Retrieved 26 May 2015.
  2. Ngigi, George (30 March 2016). "Equity says it paid Sh4.5bn for Congo bank acquisition". Business Daily Africa. Nairobi. Retrieved 30 March 2016.
  3. EGHL, . (October 2014). "Equity Bank Group Financial Statement As At 30th September 2014". Equity Group Holdings Limited (EGHL). Retrieved 26 May 2015.
  4. Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 26 May 2015.
  5. Ngugi, Brian (17 September 2015). "Equity Bank Completes Acquisition of DRC's ProCredit Bank". Business Daily Africa. Nairobi. Retrieved 17 September 2015.
  6. Masinde, Joshua (26 May 2015). "Equity Buys KSh6 Billion Stake In German Bank To Enter The DRC". Daily Nation (Nairobi). Retrieved 27 March 2015.

External links

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