Nairobi — KCB Group has opened a new banking subsidiary in Rwanda, BPR Bank PLC, as it seeks to continue scaling its regional presence.
This follows the successful amalgamation of KCB Bank Rwanda and Banque Populaire du Rwanda (BPR).
The two banks will now operate as a single entity, with KCB Group as the majority shareholder.
"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," said KCB Group CEO and MD Joshua Oigara.
The combined bank will become the second-largest bank in the Rwanda banking industry with an asset base of 648 billion RWF(Sh732billion) 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" said Édouard Ngirente, Prime Minister of the Republic of Rwanda
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.