Kenya: KCB Group Opens New Subsidiary in Rwanda After Successful Merger

4 May 2022
Capital FM (Nairobi)
By Susan Nyawira

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.

Read the original article on Capital FM.

Tagged:
Copyright © 2022 Capital FM. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.