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 |
 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]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Equity Group Holdings Limited | 79.0 |
| 2 | KfW | 12.0 |
| 3 | International Finance Corporation | 9.0 |
| Total | 100.00 | |
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:
- Equity Bank Kenya Limited – Nairobi, Kenya
- Equity Bank Rwanda Limited – Kigali, Rwanda
- Equity Bank South Sudan Limited – Juba, South Sudan
- Equity Bank Tanzania Limited – Dar es Salaam, Tanzania
- Equity Bank Uganda Limited – Kampala, Uganda
- ProCredit Bank Congo SARL – Kinshasa, Democratic Republic of the Congo
- Equity Consulting Group Limited – Nairobi, Kenya
- Equity Insurance Agency Limited – Nairobi, Kenya
- Equity Nominees Limited – Nairobi, Kenya
- Equity Investment Services Limited – Nairobi, Kenya
- Finserve Africa Limited – Nairobi, Kenya
- Equity Group Foundation – Nairobi, Kenya
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 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.
- ↑ Ngigi, George (30 March 2016). "Equity says it paid Sh4.5bn for Congo bank acquisition". Business Daily Africa. Nairobi. Retrieved 30 March 2016.
- ↑ EGHL, . (October 2014). "Equity Bank Group Financial Statement As At 30th September 2014". Equity Group Holdings Limited (EGHL). Retrieved 26 May 2015.
- ↑ Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 26 May 2015.
- ↑ Ngugi, Brian (17 September 2015). "Equity Bank Completes Acquisition of DRC's ProCredit Bank". Business Daily Africa. Nairobi. Retrieved 17 September 2015.
- ↑ 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
- ProCredit Bank DRCongo Website
- Equity Runs Ahead of Rivals With Takeover of DRC Bank
- Equity says it paid Sh4.5bn for Congo bank acquisition
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