This archive report was first published on 25 August 2021.
Wednesday, August 25, 2021, marked a significant milestone for KCB Group as it completed the acquisition of Rwandese lender Banque Populaire du Rwanda (BPR) from London-listed financial services firm Atlas Mara Limited.
The acquisition, which has been in the works since November 2020, gives KCB Group a majority stake in BPR and positions the lender for further growth in the region.
According to KCB Group chief executive Joshua Oigara, the lender has secured regulatory approvals in Kenya and Rwanda for the deal, paving the way for the integration of BPR with its subsidiary KCB Bank Rwanda.
The merged entity, to be named BPR Bank, will become the second-largest bank in Rwanda, further solidifying KCB's presence in the region.
"The completion of the transaction in Rwanda will give the group a stronger edge in deepening the ongoing strategy to scale regional presence," said Mr. Oigara.
With this acquisition, KCB Group joins a growing list of local lenders that have expanded their operations beyond Kenya's borders in search of growth opportunities.
