(3 minutes read)
· KCB Group has completed the acquisition of Rwandese lender Banque Populaire du Rwanda (BPR) from London-listed financial services firm Atlas Mara Limited
· The lender has secured regulatory approvals in Kenya and Rwanda for the deal
· The deal makes KCB Group the majority shareholder in BPR. The group will merge the new acquisition with its subsidiary KCB Bank Rwanda and rename the combined entity as BPR Bank
· This will make the merged entity as the second largest bank in the country
KCB Group has completed the acquisition of Rwandese lender Banque Populaire du Rwanda (BPR) from London-listed financial services firm Atlas Mara Limited. The lender has secured regulatory approvals in Kenya and Rwanda for the deal. The deal makes KCB Group the majority shareholder in BPR. The group will merge the new acquisition with its subsidiary KCB Bank Rwanda and rename the combined entity as BPR Bank. This will make the merged entity as the second largest bank in the country.
The acquisition is set to give KCB a larger footprint in retail banking in Rwanda, leveraging its existing corporate business. The plan is to eventually create one banking entity in Rwanda to be named BPR Bank by merging KCB Bank Rwanda and BPR. 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). The lender said it is still looking to close the deal on BancABC. That will see its share surges to 96.6 per cent stake from ABC Holdings Limited and 3.4 per cent stake from Tanzania Development Finance Company Limited.
