This archive report was first published on 25 August 2021.
On August 25, 2021, KCB Group PLC announced the completion of its acquisition of Banque Populaire du Rwanda Plc (BPR) from Atlas Mara Mauritius Limited and Arise B.V.
The acquisition, which follows the securing of requisite regulatory approvals in Kenya and Rwanda, makes KCB Group the majority shareholder in BPR, Rwanda’s second-biggest bank.
According to KCB Group CEO and MD Joshua Oigara, the completion of the transaction in Rwanda will give the Group a stronger edge in deepening its regional presence.
“The combined history of BPR and KCB will take the Group to greater heights, giving us a stronger edge to play a bigger role in driving the financial inclusion and economic empowerment agenda in the East African region,” said Mr. 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.
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 some approvals.
