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Home Banking

KCB Group acquires Banque Populaire du Rwanda

Taarifa Rwanda by Taarifa Rwanda
August 30, 2021
in Africa, Banking, Finance, Investing, M&A, Private Equity, Rwanda
Reading Time: 2 mins read
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TLG increases its investment in Atlas Mara
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KCB Group has completed the acquisition of Rwandese lender Banque Populaire du Rwanda (BPR) from London-listed financial services firm Atlas Mara Limited.

KCB Group chief executive Joshua Oigara said the lender has secured regulatory approvals in Kenya and Rwanda for the deal which makes KCB Group the majority shareholder in BPR.

The lender says it will merge the new acquisition with its subsidiary KCB Bank Rwanda and rename the combined entity as BPR Bank, making it the second largest bank in the country.

The acquisition is set to give KCB a larger footprint in retail banking in Rwanda, building on its existing corporate business that has been the strength of KCB Bank Rwanda.

“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.

“The plan is to eventually create one banking entity in Rwanda to be named BPR Bank by merging KCB Bank Rwanda and BPR.”

Also read: Rwanda raises US$620M through 10-year Eurobond

KCB announced in November it had signed a deal with Atlas Mara to buy 62.06 per cent stake in BPR and a 100 per cent stake in Banking Corporation Tanzania (BancABC), with the latter awaiting approvals from regulators.

The lender said it is still looking to close the deal on BancABC that will see it acquire 96.6 per cent stake from ABC Holdings Limited and 3.4 per cent stake from Tanzania Development Finance Company Limited.

Kenya’s high rate of financial inclusion and digital banking have forced local lenders to look outside the country’s borders for growth.

The resultant acquisitions have seen both KCB and Equity Bank Group boost their asset base to over Sh1 trillion each.

The KCB deal comes months after Equity Bank Group called off its plan to acquire four banking subsidiaries in Rwanda, Zambia, Tanzania and Mozambique from Atlas Mara Limited in a move aimed at preserving its capital in the wake of the Covid-19 pandemic.

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Via: Taarifa Rwanda
Tags: Atlas MaraAtlas Mara LimitedBankingBanque Populaire du RwandaEquity Bank GroupKCB GroupKCB Group acquires Banque Populaire du RwandaMergers and AcquisitionsRwandaруандаروانداルワンダ卢旺达
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Taarifa Rwanda

Taarifa Rwanda

Taarifa is a Rwandan news media house established to play a role in shaping the global agenda through telling Africa’s true stories by delivering quick, in-depth and exclusive news on issues and events affecting Africa’s political, economic and social landscape.

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