Cogebanque
Rwandan commercial bank for corporate and retail customers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
* | $48.1m Valuation: $52.3m | Acquisition | |
| Total Funding | 000k | ||
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Compagnie Générale de Banque (Cogebanque) was a Rwandan commercial bank founded in July 1999 by a group of 42 private Rwandan investors. The bank was licensed by the National Bank of Rwanda and primarily focused on serving Small and Medium Enterprises (SMEs), the agriculture sector, and service industries. The company provided a range of financial products and services, including loans, savings accounts, and remittance services for corporate, SME, and retail clients. Its offerings also included e-banking, contract financing, and 'Prestige Banking' for an expedited and personalized client experience.
Over the years, Cogebanque expanded its network significantly. Starting with a few branches in Kigali, it grew to 28 branches, approximately 600 active bank agents, and 36 ATMs across Rwanda by the end of 2022. In 2008, the bank attracted foreign investment from entities including ShoreCap International, the Belgian Investment Company for Developing Countries (BIO), and AfricaInvest, who collectively acquired a 40% stake.
A major turning point occurred in June 2023, when Equity Group Holdings Plc (EGH) signed an agreement to acquire a 91.93% stake in Cogebanque from its major shareholders, which included the Government of Rwanda and the Rwanda Social Security Board. The acquisition was completed on November 30, 2023, with EGH ultimately holding 99.125% of the shares. Following the acquisition, the process to merge Cogebanque with Equity Bank Rwanda began in January 2024. The merger was finalized with an effective date of December 31, 2023, and all business activities were consolidated under the Equity Bank Rwanda brand, which will now operate the combined network. This strategic amalgamation positioned the new entity as the second-largest bank in Rwanda.
Keywords: commercial banking, retail banking, corporate banking, SME banking, Rwandan financial services, agriculture finance, trade finance, asset financing, electronic banking, contract financing, prestige banking, bank acquisition, Equity Group, Rwanda banking sector, Kigali, financial solutions, savings products, loan services, remittance services, branch banking, ATM network