This archive report was first published on 18 November 2021.
Kenyan banking multinational KCB Group is set to acquire the remaining 24% stake in its Rwandan subsidiary Banque Populaire du Rwanda Plc (BPR) next year, bringing its ownership to 100%.
As of now, KCB owns 76% of BPR, having recently acquired a 62% stake from London-based Atlas Mara Limited and another 14% from private equity firm Arise.
"Our ambition is to acquire the remaining 24% in the next year. We are still keen to acquire 100% of BPR," KCB's chief executive Joshua Oigara told Business Daily on November 19, 2021.
The estimated cost of a full buyout of BPR is Sh6.4 billion, based on the same terms as Atlas Mara, which was paid $33 million (Sh3.7 billion) for its 62% stake.
Atlas Mara will also receive an additional $2.8 million (Sh314 million) which has been deferred.
KCB is also eyeing the acquisition of BancABC Tanzania from Atlas Mara, with the deal expected to be finalized by the end of this year.
