Equity Group for Sh9.24 billion, acquired an additional 6.6 percent stake in its business, In the Democratic Republic of the Congo, demonstrating the lender’s intention to increase its profit share outside of Kenya.

With over 90 million people, the Democratic Republic of the Congo (DR Congo) is one of the largest countries on the continent by both population and land area, which attracts ambitious banks from neighboring states looking to expand.

In the DR Congo business, Equity also acquired an additional 452,659 shares through a rights offering for Sh8.5 billion, giving the bank a 4.3 percent stake.

Equity Group Holdings’ stake in Equity BCDC increased from 77.5 percent to 84.1 percent as a result of the fresh shares acquired through a rights issue and shares acquired from the minority.

Due to the intense competition in the Kenyan market, Equity depends on its subsidiaries, particularly the DR Congo subsidiary, to fuel its growth.

The DR Congo unit focuses primarily on providing services to multinational corporations that have operations there, demanding a sizable balance sheet in order to compete and develop.