How Equity edged out Kabila in quest for Congolese lender

By K24Tv Team On Tue, 19 Nov, 2019 14:04 | < 1 min read
Joseph Kabila
Former DR Congo president Joseph Kabila. PHOTO | AFP

Unbeknownst to many Kenyans, Equity Bank’s Sh10.7 billion acquisition of Congolese bank marks the end a major battle between two of the richest families in Congo one of which is former President Joseph Kabila’s family.

The battle for the control of Banque Commerciale du Congo being acquired by Equity Bank began in 2013 when Kabila’s family sought to buyout the George Forrest family.

The George Forrest family has a long history of doing business in Congo starting in 1922 with interests in mining to construction to cement with more than 9,500 workers.

More to follow on People Daily.