Compagnie Générale 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 Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...

, licensed by

National Bank of Rwanda The National Bank of Rwanda ( rw, Banki Nkuru Y'u Rwanda, french: Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa. Location It is quartered at the N ...

, the national banking regulator. In 2023, Cogebanque was acquired by

Equity Group Holdings Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sud ...

Overview

, 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).

History

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 Enterprise Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank ...

s (SMEs), agriculture and the service industries. 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.

Acquisition

In June 2023, Equity Group Holdings signed an agreement to acquire 91.9 percent shareholding in the

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

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. 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. In January 2024, having acquired 99.8 percent of Cogebanque,

Equity Group Equity may refer to: Finance, accounting and ownership *Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the diffe ...

began the process of merging Cogebanque with

Equity Bank Rwanda Equity Bank Rwanda Limited (EBRL), is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator. Overview EBRL is a medium-sized financial services provider in Rwanda, with ...

. 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.

Branch network

As of March 2015, Cogebanque maintained branches at the following locations: # Cogebanque Headquarters – Centenary House, KN 4 Avenue,

Kigali Kigali () is the Capital (political), capital and largest city of Rwanda. It is near the nation's geographic centre in a region of rolling hills, with a series of valleys and ridges joined by steep slopes. As a primate city, Kigali has been Rwa ...

# Rond-Point Branch – BIB Trading Building, KN 1 Round About,

# Rubangura Branch – Rubangura House, KN 2 Street,

# Nyabugogo Branch – Chez Manu Building, KN 1 Road,

# Nyarutarama Branch – MTN Centre, KG 9 Avenue,

# Gisozi Branch – Companion House, KG 33 Avenue, Gisozi,

# Remera Branch – Nyiransengimana Justine Building, KG 11 Avenue,

# Kicukiro Branch – Inind House,

# 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,

References

External links