KCB Group has announced that it has acquired Rwandan bank, Banque Populaire du Rwanda Plc (BPR), from Atlas Mara Mauritius Limited and Arise B.V.
The acquisition was completed by the Kenyan banking group after receiving regulatory approvals in Kenya and Rwanda. This makes KCB Group the majority shareholder in BPR, Rwanda’s second biggest bank, with effect from August 25, 2021. BPR is a strong retail and SME Bank with the largest branch network in the sector and a long history spanning over 45 years in Rwanda.
According to KCB Group CEO and MD Joshua Oigara, the plan is to eventually create one banking entity in Rwanda to be named BPR Bank by merging KCB Bank Rwanda and BPR. The combined bank will become the second largest bank in the industry. KCB Group has appointed an integration committee made up of senior executives to spearhead the attainment of the single entity in Rwanda in the coming months.
The merger will provide current KCB Rwanda’s customers with access to a larger network of branches and agents across the country. Additionally, KCB Group intends to acquire 100% shareholding of African Banking Corporation Tanzania Limited (BancABC) from ABC Holdings Limited (96.6%) and Tanzania Development Finance Company Limited (3.4%). The proposed acquisition is however pending approval.
Another Kenyan banking group, Equity Group, acquired Banque Commerciale Du Congo (BCDC) in 2020. The bank was eventually rebranded to Equity Bank Congo after Equity Group was given the regulatory approval to merge its subsidiary Equity Bank Congo (EBC) and Banque Commercial Du Congo (BCDC) to form EquityBCDC.
KCB Group Plc is East Africa’s largest commercial Bank that was established in 1896 in Kenya. Over the years, the Bank has grown and has set up in Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia (Rep). KCB Group also owns National Bank of Kenya (NBK). Today KCB has the largest branch network in the region with 354 branches, 1,103 ATMs and over 26,394 merchants and agents offering banking services on a 24/7 basis in East Africa. Additionally, KCB Group owns KCB Insurance Agency, KCB Capital Limited, KCB Foundation and Kencom House Limited as non-banking businesses.