(Ecofin Agency) - The Kenyan bank group Equity Bank announced, on 30 September, having obtained the green light from regulators to acquire 79% of the capital of ProCredit Bank Congo.

The transaction announced last May, and whose amount has not been revealed, falls within the framework of Equity Bank's expansion plan in Africa. The Kenyan group indeed announced, at the end of last March, that it was allocating $2 billion to its expansion plan in ten new African countries. Besides DR Congo, the group anticipates setting up in Ethiopia, Burundi, Malawi, Zimbabwe, Zambia, Mozambique, Ghana, Nigeria and Cameroon.

ProCredit Bank Congo is the 7th bank in DR Congo in terms of assets ($200 million) with a client base of some 170,000. The German finance group ProCredit Holding had 61% shareholding.

Equity Bank made a profit before tax of 12.1 billion shillings ($120 million) during the first semester 2015, an increase of 12% compared to the same period in 2014.