As of December 2014[update], the bank's total assets were valued in excess of US$192.2 million (RWF:134 billion), with shareholders' equity valued at US$19.65 million (RWF:13.7 billion). [3]
Historyedit
Cogebanque was established in July 1999 by forty-two private Rwandan investors. At that time, the insurance company Compagnie Générale d'Assurance et de Reassurance, was the largest shareholder, with 34 percent ownership. In the beginning, the bank's emphasis was Small and Medium Enterprises (SMEs), agriculture and the service industries.[4]
In 2008, three new international investors paid US$6 million for a 40% ownership in the bank. The new investors included: (a) ShoreCap International (SCI) of Chicago, Illinois, United States; (b) the Belgian Investment Company for Developing Countries (BIO) and (c) AfricaInvest, an investment company based in Tunisia. These transactions, initiated in 2008, were concluded in early 2010. The original Rwandan investors maintain a 60 percent shareholding in the restructured bank.[5]
Acquisitionedit
In June 2023, Equity Group Holdings signed an agreement to acquire 91.9 percent shareholding in the stock of Cogebanque for a consideration of RWF:54.68 billion (approx. US$44 million). The shares to be sold are now owned by (a) Government of Rwanda (b) Rwanda Social Security Board (c) Sanlam Vie Plc and (d) Ms Judith Mugirasoni. Equity Group has plans to eventually buy the remaining 8.1 shareholding in the bank. The deal requires regulatory approval by regulators in COMESA, Rwanda and Kenya, as well as shareholders in Cogebanque and Equity Group Holdings.[6]
The acquisition deal closed on 30 November 2023, with Equity Group Holdings paying US$47 million for 99.125 percent shares of stock of Cogebanque. More minority shareholders agreed to sell under the original contract price executed in June 2023. Under a separate agreement, Equity Group agreed to buy the Cogebanque headquarters building for KSh1.4 billion (US$9.2 million) within one year from the completion of the transaction.[7]
In January 2024, having acquired 99.8 percent of Cogebanque, Equity Group began the process of merging Cogebanque with Equity Bank Rwanda. The process is expected to last six months and will lead to the new combined bank, with 47 brick-and-motor branches, 56 ATMs, and 6,000 banking agents across the country. The combined entity will be known as Equity Bank Rwanda and will employ about 700 staff.[8]
Branch networkedit
As of March 2015, Cogebanque maintained branches at the following locations:[9]
^. National Bank of Rwanda. 2014. Archived from the original on 12 July 2014. Retrieved 16 March 2015.
^"Equity Group Holdings plc completes acquisition of COGEBANQUE plc". Equity Group Holdings. Retrieved 8 December 2023.
^Bateta, Agnes (15 March 2015). . East African Business Week (Kampala). Archived from the original on 23 September 2015. Retrieved 16 March 2015.
^"History of Cogebanque". World INvestment NEws. 12 August 2002. Retrieved 16 March 2015.
^John Gahamanyi (1 February 2010). "Rwanda: Cogebanque Trades 40 Per Cent Shares, to Raise capital". New Times (Rwanda) via AllAfrica.com. Kigali, Rwanda. Retrieved 16 May 2015.
^Lynet Igadwah (15 June 2023). "Equity snaps up Rwanda bank in Sh6.7bn deal". Business Daily Africa. Nairobi, Kenya. Retrieved 15 June 2023.
^Alice Kagina (3 January 2024). "Rwanda: Equity Bank Rwanda Boss Outlines Priorities After Cogebanque Acquisition" (via AllAfrica.com). The New Times (Rwanda). Kigali, Rwanda. Retrieved 4 January 2024.
^. Cogebank. 31 December 2014. Archived from the original on 2 April 2015. Retrieved 16 March 2015.
External linksedit
Official website
Overview of the Beginnings of Cogebanque
April 11, 2024
compagnie, générale, banque, cogebanque, sometimes, referred, cogebank, rwandan, commercial, bank, commercial, banks, republic, rwanda, licensed, national, bank, rwanda, national, banking, regulator, cogebanque, company, typeprivateindustryfinancial, servicesf. Compagnie Generale de Banque Cogebanque sometimes referred to as Cogebank is a Rwandan commercial bank It is one of the commercial banks in the Republic of Rwanda licensed by National Bank of Rwanda the national banking regulator 1 Compagnie Generale de Banque Cogebanque Company typePrivateIndustryFinancial servicesFounded1999 25 years ago 1999 HeadquartersKigali RwandaNet incomeUS 3 16 million 2014 Total assetsUS 192 2 million 2014 OwnerEquity Group Holdings 2023 present WebsiteHomepageIn 2023 Cogebanque was acquired by Equity Group Holdings 2 Contents 1 Overview 2 History 3 Acquisition 4 Branch network 5 See also 6 References 7 External linksOverview editAs of December 2014 update the bank s total assets were valued in excess of US 192 2 million RWF 134 billion with shareholders equity valued at US 19 65 million RWF 13 7 billion 3 History editCogebanque was established in July 1999 by forty two private Rwandan investors At that time the insurance company Compagnie Generale d Assurance et de Reassurance was the largest shareholder with 34 percent ownership In the beginning the bank s emphasis was Small and Medium Enterprises SMEs agriculture and the service industries 4 In 2008 three new international investors paid US 6 million for a 40 ownership in the bank The new investors included a ShoreCap International SCI of Chicago Illinois United States b the Belgian Investment Company for Developing Countries BIO and c AfricaInvest an investment company based in Tunisia These transactions initiated in 2008 were concluded in early 2010 The original Rwandan investors maintain a 60 percent shareholding in the restructured bank 5 Acquisition editIn June 2023 Equity Group Holdings signed an agreement to acquire 91 9 percent shareholding in the stock of Cogebanque for a consideration of RWF 54 68 billion approx US 44 million The shares to be sold are now owned by a Government of Rwanda b Rwanda Social Security Board c Sanlam Vie Plc and d Ms Judith Mugirasoni Equity Group has plans to eventually buy the remaining 8 1 shareholding in the bank The deal requires regulatory approval by regulators in COMESA Rwanda and Kenya as well as shareholders in Cogebanque and Equity Group Holdings 6 The acquisition deal closed on 30 November 2023 with Equity Group Holdings paying US 47 million for 99 125 percent shares of stock of Cogebanque More minority shareholders agreed to sell under the original contract price executed in June 2023 Under a separate agreement Equity Group agreed to buy the Cogebanque headquarters building for KSh1 4 billion US 9 2 million within one year from the completion of the transaction 7 In January 2024 having acquired 99 8 percent of Cogebanque Equity Group began the process of merging Cogebanque with Equity Bank Rwanda The process is expected to last six months and will lead to the new combined bank with 47 brick and motor branches 56 ATMs and 6 000 banking agents across the country The combined entity will be known as Equity Bank Rwanda and will employ about 700 staff 8 Branch network editAs of March 2015 Cogebanque maintained branches at the following locations 9 Cogebanque Headquarters Centenary House KN 4 Avenue Kigali Rond Point Branch BIB Trading Building KN 1 Round About Kigali Rubangura Branch Rubangura House KN 2 Street Kigali Nyabugogo Branch Chez Manu Building KN 1 Road Kigali Nyarutarama Branch MTN Centre KG 9 Avenue Kigali Gisozi Branch Companion House KG 33 Avenue Gisozi Kigali Remera Branch Nyiransengimana Justine Building KG 11 Avenue Kigali Kicukiro Branch Inind House Kigali Rwamagana Branch Rusirare Jacques Building Rwamagana Eastern Rwanda Kabarondo Branch Cogebanque Building Kabarondo Eastern Rwanda Huye Branch Bihira Juvenal Building Butare Huye District Southern Rwanda Nyamagabe Branch Kanimba Building Nyamagabe Southern Rwanda Muhanga Branch Mukantabana Speciose Building Gitarama Southern Rwanda Musanze Branch Economat Diocese Building Ruhengeri Northern Rwanda Rubavu Branch Munyandekwe Issa Building Rubavu Western Rwanda Kamembe Branch Twizeyimana Vincent Building Kamembe Western Rwanda Tyazo Branch Kagorora Jacques Building Tyazo Southern Rwanda Nyagatare Branch Karangwa House Eastern Rwanda Prestige Banking Branch Centenary House Kigali See also edit nbsp Banks portalList of banks in Rwanda Economy of RwandaReferences edit List of Licensed Commercial Banks in Rwanda National Bank of Rwanda 2014 Archived from the original on 12 July 2014 Retrieved 16 March 2015 Equity Group Holdings plc completes acquisition of COGEBANQUE plc Equity Group Holdings Retrieved 8 December 2023 Bateta Agnes 15 March 2015 Rwanda s Cogebanque Raises Capital East African Business Week Kampala Archived from the original on 23 September 2015 Retrieved 16 March 2015 History of Cogebanque World INvestment NEws 12 August 2002 Retrieved 16 March 2015 John Gahamanyi 1 February 2010 Rwanda Cogebanque Trades 40 Per Cent Shares to Raise capital New Times Rwanda via AllAfrica com Kigali Rwanda Retrieved 16 May 2015 Lynet Igadwah 15 June 2023 Equity snaps up Rwanda bank in Sh6 7bn deal Business Daily Africa Nairobi Kenya Retrieved 15 June 2023 Equity s Rwanda bank buy deal hits 47m The EastAfrican Quoting Business Daily Africa Nairobi Kenya Retrieved 4 December 2023 Alice Kagina 3 January 2024 Rwanda Equity Bank Rwanda Boss Outlines Priorities After Cogebanque Acquisition via AllAfrica com The New Times Rwanda Kigali Rwanda Retrieved 4 January 2024 Location of the Branches of Cogebanque Cogebank 31 December 2014 Archived from the original on 2 April 2015 Retrieved 16 March 2015 External links editOfficial website Overview of the Beginnings of Cogebanque Retrieved from https en wikipedia org w index php title Compagnie Generale de Banque amp oldid 1194078147, wikipedia, wiki, book, books, library,
