KCB Group PLC has announced that it has launched a new banking subsidiary in Rwanda, BPR Bank Rwanda PLC. The launch follows the merging of KCB Bank Rwanda and Banque Populaire du Rwanda (BPR).
This is after regulatory approval by the National Bank of Rwanda (BNR) earlier in the month to merge the two entities. This means the two banks will now operate as a single entity named BPR Bank Plc, with KCB Group as the majority shareholder.
BPR Bank Rwanda is now the second largest bank in Rwanda and gives KCB Group an edge in its ongoing strategy to grow its regional presence.
Speaking during the launch event, KCB Group CEO and MD Joshua Oigara said: “We are delighted with the possibilities that lay ahead, as this integration has enabled us to buttress our leadership position, giving us a stronger edge to play a bigger role in driving the financial inclusion agenda in East Africa, while building a robust and financially sustainable organization. BPR Bank Rwanda holds a lot of promise. We will continually tap into the strengths of both BPR and KCB Bank Rwanda, to offer our customers additional value. We want to revolutionize the way we do business, guaranteeing ultimate satisfaction to our esteemed customers, as they interact with us.”
BPR Bank Rwanda is now the second largest bank in Rwanda with an asset base of Ksh. 73 Billion (648 billion RWF) and a network of 154 branches. .
“We are excited to see this milestone come through. These two organizations have the right synergies to come together and succeed, especially in this market where there is a need to provide various products and services to our young population to foster not only economic development but also improve quality of life for the population” said Dr Édouard Ngirente, Prime Minister of the Republic of Rwanda while officiating the event.
In line with KCB Group’s strategy to scale their business in the region, the bank pursued the opportunity to strengthen its international businesses through the acquisition of Atlas Mara Limited Group shares in Banque Populaire du Rwanda PLC and is now pursuing acquisition opportunities in the Democratic Republic of Congo.