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{{Short description|Rwandan commercial bank}}
{{Use dmy dates|date=May 2017}}
{{Use dmy dates|date=May 2017}}
{{Infobox company
{{Infobox company
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| logo =
| logo =
| type = Private
| type = Private
⚫
| foundation = {{Start date and age|1999}}
| slogan = "Simple & Possible"
⚫
| foundation = 1999
| location = [[Kigali]], Rwanda
| location = [[Kigali]], Rwanda
| profit = {{augmentation}} US$3.16 million (2014)
| profit = {{augmentation}} US$3.16 million (2014)
| assets ={{augmentation}} US$192.2 million (2014)
| assets ={{augmentation}} US$192.2 million (2014)
| industry = [[Financial Services]]
| industry = [[Financial services]]
| parent = [[Attijariwafa Bank]]
| owner = {{ubl|[[Equity Group Holdings]]|{{smaller|(2023–present)}}}}
| homepage = [http://www.cogebanque.co.rw/ Homepage]
| homepage = [http://www.cogebanque.co.rw/ Homepage]
}}
}}
⚫
'''Compagnie Générale de Banque''' ('''Cogebanque'''), sometimes referred to as ''Cogebank'', is a Rwandan [[commercial bank]]. It is one of the [[commercial bank]]s in the [[Republic of Rwanda]], licensed by [[National Bank of Rwanda]], the national banking regulator.<ref>{{cite web|url=http://www.bnr.rw/index.php?id=317|date=2014|accessdate=16 March 2015|title=List of Licensed Commercial Banks in Rwanda|publisher=[[National Bank of Rwanda]] |url-status=dead|archiveurl=https://web.archive.org/web/20140712183101/http://bnr.rw/index.php?id=317|archivedate=12 July 2014|df=dmy-all}}</ref>


In 2023, Cogebanque was acquired by [[Equity Group Holdings]].<ref>{{Cite web|url=https://equitygroupholdings.com/equity-group-holdings-plc-completes-acquisition-of-cogebanque-plc/|title=Equity Group Holdings plc completes acquisition of COGEBANQUE plc|work=Equity Group Holdings|access-date=2023-12-08|language=en}}</ref>
⚫
'''Compagnie Générale de Banque''' ('''Cogebanque'''), sometimes referred to as '''Cogebank''', is a Rwandan [[multinational corporation|multinational]] [[commercial bank]]. The bank is one of the [[commercial bank]]s in the [[Republic of Rwanda]], licensed by [[National Bank of Rwanda]], the national banking regulator.<ref>{{cite web|url=http://www.bnr.rw/index.php?id=317|date=2014|
accessdate=16 March 2015|title=List of Licensed Commercial Banks in Rwanda|first=.|last=BNR|publisher=[[National Bank of Rwanda]] (BNR)}}</ref>


==Overview==
==Overview==
{{asof|December 2014}}, the bank's total assets were valued in excess of US$192.2&nbsp;million (RWF:134 billion), with shareholders' equity valued at US$19.65 million (RWF:13.7 billion).
{{asof|December 2014}}, the bank's total assets were valued in excess of US$192.2&nbsp;million (RWF:134 billion), with shareholders' equity valued at US$19.65 million (RWF:13.7 billion).
<ref name="Capital">{{cite web|accessdate=16 March 2015|first=Agnes |url=http://www.busiweek.com/index1.php?Ctp=2&pI=2953&pLv=3&srI=51&spI=26&cI=10|title=Rwanda's Cogebanque Raises Capital|newspaper=[[East African Business Week]] (Kampala)| date=15 March 2015|last=Bateta}}</ref>
<ref name="Capital">{{cite web|accessdate=16 March 2015|first=Agnes|url=http://www.busiweek.com/index1.php?Ctp=2&pI=2953&pLv=3&srI=51&spI=26&cI=10|title=Rwanda's Cogebanque Raises Capital|newspaper=[[East African Business Week]] (Kampala)|date=15 March 2015|last=Bateta|archive-url=https://web.archive.org/web/20150923195444/http://www.busiweek.com/index1.php?Ctp=2&pI=2953&pLv=3&srI=51&spI=26&cI=10|archive-date=23 September 2015|url-status=dead}}</ref>


==History==
==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''' (COGEAR), was the largest shareholder, with 34% ownership. In the beginning, the bank's emphasis was [[Small and Medium Enterprise]]s (SMEs), agriculture and the service industries.<ref name="Past">{{cite web|accessdate=16 March 2015|title=History of Cogebanque| url=http://www.winne.com/rwanda/to05interview.html#top|date=12 August 2002| first=.|last=WINNE Staff|publisher=World INvestment NEws (WINNE)}}</ref> In 2008, three new international investors paid US$6&nbsp;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% shareholding in the restructured bank.<ref name="Share">{{cite web|accessdate=16 May 2015|first=John|title=Rwanda: Cogebanque Trades 40 Per Cent Shares, to Raise Capital|url=http://allafrica.com/stories/201002010601.html|
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]]s (SMEs), agriculture and the service industries.<ref name="Past">{{cite web|accessdate=16 March 2015|title=History of Cogebanque| url=http://www.winne.com/rwanda/to05interview.html#top|date=12 August 2002| publisher=World INvestment NEws}}</ref>
newspaper=[[New Times (Rwanda)]] via [[AllAfrica.com]]|date=1 February 2010|last=Gahamanyi}}</ref>


In 2008, three new international investors paid US$6&nbsp;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.<ref name="Share">{{cite web|date=1 February 2010 |url=http://allafrica.com/stories/201002010601.html |
⚫
==Branch Network==
work=[[New Times (Rwanda)]] via [[AllAfrica.com]] |title=Rwanda: Cogebanque Trades 40 Per Cent Shares, to Raise capital |author=John Gahamanyi |access-date=16 May 2015 |location=Kigali, Rwanda}}</ref>
⚫
As of March 2015, Cogebanque maintained branches at the following locations:<ref>{{cite web|title=Location of the Branches of Cogebanque|url=http://www.cogebank.com/index.php/en/our-branches#!/catid=1;2|accessdate=16 March 2015|date=31 December 2014|

first=.|last=CB|publisher=Cogebank (CB)}}</ref>
==Acquisition==
In June 2023, Equity Group Holdings signed an agreement to acquire 91.9 percent shareholding in the [[stock]] 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.<ref name="SoldR">{{cite web| work=[[Business Daily Africa]] | url=https://www.businessdailyafrica.com/bd/corporate/companies/equity-snaps-up-rwanda-bank-in-sh6-7bn-deal--4270448 |title=Equity snaps up Rwanda bank in Sh6.7bn deal |date=15 June 2023 |
author=Lynet Igadwah |access-date=15 June 2023 |location=Nairobi, Kenya}}</ref>

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.<ref name="6R">{{cite web| url=https://www.theeastafrican.co.ke/tea/business/equity-s-rwanda-bank-buy-deal-hits-47m-4451570 |title=Equity’s Rwanda bank buy deal hits $47m |work=[[The EastAfrican]] Quoting [[Business Daily Africa]] |access-date=4 December 2023 |location=Nairobi, Kenya}}</ref>

In January 2024, having acquired 99.8 percent of Cogebanque, [[Equity Group Holdings|Equity Group]] began the process of merging Cogebanque with [[Equity Bank Rwanda]]. The process is expected to last six months and will lead to the new combined bank, with 47 brick-and-motor branches, 56 [[Automated teller machine|ATM]]s, and 6,000 banking agents across the country. The combined entity will be known as '''Equity Bank Rwanda''' and will employ about 700 staff.<ref name="MergeR">{{cite web|work=[[The New Times (Rwanda)]] |url=https://allafrica.com/stories/202401040232.html |date=3 January 2024 |title=Rwanda: Equity Bank Rwanda Boss Outlines Priorities After Cogebanque Acquisition |author=Alice Kagina | access-date=4 January 2024 |location=Kigali, Rwanda |format=via [[AllAfrica.com]]}}</ref>

⚫
==Branch network==
⚫
As of March 2015, Cogebanque maintained branches at the following locations:<ref>{{cite web|title=Location of the Branches of Cogebanque|url=http://www.cogebank.com/index.php/en/our-branches#!/catid=1;2|accessdate=16 March 2015|date=31 December 2014|publisher=Cogebank|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402164405/http://www.cogebank.com/index.php/en/our-branches#!/catid=1;2|url-status=dead}}</ref>


# Cogebanque Headquarters – Centenary House, KN 4 Avenue, [[Kigali]]
# Cogebanque Headquarters – Centenary House, KN 4 Avenue, [[Kigali]]
Line 37: Line 46:
# Remera Branch – Nyiransengimana Justine Building, KG 11 Avenue, [[Kigali]]
# Remera Branch – Nyiransengimana Justine Building, KG 11 Avenue, [[Kigali]]
# Kicukiro Branch – Inind House, [[Kigali]]
# Kicukiro Branch – Inind House, [[Kigali]]
# Rwamagana Branch – Rusirare Jacques Building , [[Rwamagana]], [[Eastern Province, Rwanda|Eastern Rwanda]]
# Rwamagana Branch – Rusirare Jacques Building, [[Rwamagana]], [[Eastern Province, Rwanda|Eastern Rwanda]]
# Kabarondo Branch – Cogebanque Building, [[Kabarondo, Rwanda|Kabarondo]] , Eastern Rwanda
# Kabarondo Branch – Cogebanque Building, [[Kabarondo, Rwanda|Kabarondo]], Eastern Rwanda
# Huye Branch – Bihira Juvenal Building, [[Butare]], [[Huye (district)|Huye District]], [[Southern Province, Rwanda|Southern Rwanda]]
# Huye Branch – Bihira Juvenal Building, [[Butare]], [[Huye (district)|Huye District]], [[Southern Province, Rwanda|Southern Rwanda]]
# Nyamagabe Branch – Kanimba Building, [[Nyamagabe]], Southern Rwanda
# Nyamagabe Branch – Kanimba Building, [[Nyamagabe]], Southern Rwanda
Line 45: Line 54:
# Rubavu Branch – Munyandekwe Issa Building, [[Rubavu]], [[Western Province, Rwanda|Western Rwanda]]
# Rubavu Branch – Munyandekwe Issa Building, [[Rubavu]], [[Western Province, Rwanda|Western Rwanda]]
# Kamembe Branch – Twizeyimana Vincent Building, [[Cyangugu|Kamembe]], Western Rwanda
# Kamembe Branch – Twizeyimana Vincent Building, [[Cyangugu|Kamembe]], Western Rwanda
# Tyazo Branch – Kagorora Jacques Building, [[Tyazo]], [[Southern Province, Rwanda|Southern Rwanda]]
# Tyazo Branch – Kagorora Jacques Building, Tyazo, [[Southern Province, Rwanda|Southern Rwanda]]
# Nyagatare Branch – Karangwa House, [[Eastern Province, Rwanda|Eastern Rwanda]]
# Nyagatare Branch – Karangwa House, [[Eastern Province, Rwanda|Eastern Rwanda]]
# Prestige Banking Branch – Centenary House, [[Kigali]].
# Prestige Banking Branch – Centenary House, [[Kigali]].


==See also==
==See also==
{{Portal|Banks}}
* [[List of banks in Rwanda]]
* [[List of banks in Rwanda]]
* [[Economy of Rwanda]]
* [[Economy of Rwanda]]
Line 57: Line 67:


==External links==
==External links==
* [http://www.cogebanque.co.rw/ Official website]
* [http://www.winne.com/rwanda/to05interview.html#top Overview of the Beginnings of Cogebanque]
* [http://www.winne.com/rwanda/to05interview.html#top Overview of the Beginnings of Cogebanque]


{{Equity Group Holdings Limited|state=collapsed}}
{{Economy of Rwanda}}
{{Economy of Rwanda}}

{{DEFAULTSORT:Compagnie Generale de Banque}}
{{DEFAULTSORT:Compagnie Generale de Banque}}
[[Category:Banks of Rwanda]]
[[Category:Banks of Rwanda]]
⚫
[[Category:Companies of Rwanda]]
[[Category:Banks established in 1999]]
[[Category:Banks established in 1999]]
[[Category:Economy of Rwanda]]
[[Category:1999 establishments in Rwanda]]
[[Category:1999 establishments in Rwanda]]
[[Category:Organisations based in Kigali]]
⚫
[[Category:Economy of Kigali]]
[[Category:2023 mergers and acquisitions]]

Latest revision as of 18:09, 7 October 2024

Compagnie Générale de Banque (Cogebanque)
Company typePrivate
IndustryFinancial services
Founded1999; 25 years ago (1999)
HeadquartersKigali, Rwanda
Increase US$3.16 million (2014)
Total assetsIncrease US$192.2 million (2014)
Owner
WebsiteHomepage

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, licensed by National Bank of Rwanda, the national banking regulator.[1]

In 2023, Cogebanque was acquired by Equity Group Holdings.[2]

Overview

[edit]

As of December 2014, 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). [3]

History

[edit]

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 Enterprises (SMEs), agriculture and the service industries.[4]

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.[5]

Acquisition

[edit]

In June 2023, Equity Group Holdings signed an agreement to acquire 91.9 percent shareholding in the stock 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.[6]

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.[7]

In January 2024, having acquired 99.8 percent of Cogebanque, Equity Group began the process of merging Cogebanque with Equity Bank Rwanda. 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.[8]

Branch network

[edit]

As of March 2015, Cogebanque maintained branches at the following locations:[9]

  1. Cogebanque Headquarters – Centenary House, KN 4 Avenue, Kigali
  2. Rond-Point Branch – BIB Trading Building, KN 1 Round About, Kigali
  3. Rubangura Branch – Rubangura House, KN 2 Street, Kigali
  4. Nyabugogo Branch – Chez Manu Building, KN 1 Road, Kigali
  5. Nyarutarama Branch – MTN Centre, KG 9 Avenue, Kigali
  6. Gisozi Branch – Companion House, KG 33 Avenue, Gisozi, Kigali
  7. Remera Branch – Nyiransengimana Justine Building, KG 11 Avenue, Kigali
  8. Kicukiro Branch – Inind House, Kigali
  9. Rwamagana Branch – Rusirare Jacques Building, Rwamagana, Eastern Rwanda
  10. Kabarondo Branch – Cogebanque Building, Kabarondo, Eastern Rwanda
  11. Huye Branch – Bihira Juvenal Building, Butare, Huye District, Southern Rwanda
  12. Nyamagabe Branch – Kanimba Building, Nyamagabe, Southern Rwanda
  13. Muhanga Branch – Mukantabana Speciose Building, Gitarama, Southern Rwanda
  14. Musanze Branch – Economat Diocese Building, Ruhengeri, Northern Rwanda
  15. Rubavu Branch – Munyandekwe Issa Building, Rubavu, Western Rwanda
  16. Kamembe Branch – Twizeyimana Vincent Building, Kamembe, Western Rwanda
  17. Tyazo Branch – Kagorora Jacques Building, Tyazo, Southern Rwanda
  18. Nyagatare Branch – Karangwa House, Eastern Rwanda
  19. Prestige Banking Branch – Centenary House, Kigali.

See also

[edit]

References

[edit]
  1. ^ "List of Licensed Commercial Banks in Rwanda". National Bank of Rwanda. 2014. Archived from the original on 12 July 2014. Retrieved 16 March 2015.
  2. ^ "Equity Group Holdings plc completes acquisition of COGEBANQUE plc". Equity Group Holdings. Retrieved 8 December 2023.
  3. ^ Bateta, Agnes (15 March 2015). "Rwanda's Cogebanque Raises Capital". East African Business Week (Kampala). Archived from the original on 23 September 2015. Retrieved 16 March 2015.
  4. ^ "History of Cogebanque". World INvestment NEws. 12 August 2002. Retrieved 16 March 2015.
  5. ^ John Gahamanyi (1 February 2010). "Rwanda: Cogebanque Trades 40 Per Cent Shares, to Raise capital". New Times (Rwanda) via AllAfrica.com. Kigali, Rwanda. Retrieved 16 May 2015.
  6. ^ Lynet Igadwah (15 June 2023). "Equity snaps up Rwanda bank in Sh6.7bn deal". Business Daily Africa. Nairobi, Kenya. Retrieved 15 June 2023.
  7. ^ "Equity's Rwanda bank buy deal hits $47m". The EastAfrican Quoting Business Daily Africa. Nairobi, Kenya. Retrieved 4 December 2023.
  8. ^ Alice Kagina (3 January 2024). "Rwanda: Equity Bank Rwanda Boss Outlines Priorities After Cogebanque Acquisition" (via AllAfrica.com). The New Times (Rwanda). Kigali, Rwanda. Retrieved 4 January 2024.
  9. ^ "Location of the Branches of Cogebanque". Cogebank. 31 December 2014. Archived from the original on 2 April 2015. Retrieved 16 March 2015.
[edit]
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