calling on congo

DRC: Equity Bank CEO James Mwangi on a Kinshasa charm offensive

By Jeune Afrique

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Posted on February 23, 2021 19:30

Equity Group CEO James Mwangi in Nairobi. (Reuters/Jackson Njehia)
Equity Group CEO James Mwangi in Nairobi. (Reuters/Jackson Njehia)

Over ten days, James Mwangi – the Kenyan boss of Equity Group Holding – met several times with the authorities, including President Félix Tshisekedi, to recalibrate the operations of his subsidiary.

Meetings with banking sector leaders and Congolese officials punctuated James Mwangi’s ten-day visit to the DRC in early 2021.

Mwangi’s schedule is packed, the number of appointments proof of Equity Group Holding’s ambitions in the country.

According to our sources, Mwangi met with President Félix Tshisekedi who assured him of his full support in his new business venture in the DRC.

Becoming the leading bank

Customers, investors and the authorities needed to be reassured after the mid-2020 takeover – approved by the regulator at the end of December – by the Banque commerciale du Congo (BCDC), which was formerly a part of the Belgian tycoon George Forrest’s business empire. They also wanted to know more about the subsequent merger between Equity’s local subsidiary and BCDC.

Mwangi’s visit may also have been triggered by a letter in which the governor of the Central Bank of Congo (BCC)

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