Kenyan banking multinational moved to purchase an additional 7.2 per cent stake from minority shareholders ahead of the close of the deal.
Cogebanque, which boasts 28 branches and 600 agents in Rwanda, closed last year and ranked fifth among the licensed banks operating in the country.
The cost of acquisition of Rwandese lender Compagnie Générale De Banque (Cogebanque) by Equity Group has increased to Sh7.2 billion after the Kenyan banking multinational moved to purchase an additional 7.2 per cent stake from minority shareholders ahead of the close of the deal.
Equity announced in June that it would purchase a 91.93 per cent stake or 183,854 shares in Cogebanque at a cost of Rwf297,406 (Sh36,704) per share, valuing the deal at Sh6.74 billion.
