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NAIROBI, Nov.26 (Xinhua) – The Kenya Commercial Bank (KCB) Group said Thursday that it has signed a definitive agreement with Atlas Mara (ATMA) to acquire Banque Populaire du Rwanda (BPR) and African Banking Corporation Tanzania (BancABC). . .
Joshua Oigara, CEO of KCB Group, said the proposed transaction will see East Africa’s largest bank by assets increase its presence in the region.
“This is through the acquisition of a 62.06 percent stake in BPR and a 100 percent stake in BancABC from ATMA in Rwanda and Tanzania, respectively,” Oigara said in a statement issued in Nairobi.
Currently, KCB has a presence in Tanzania, South Sudan, Uganda, Rwanda, Burundi and a representative office in Ethiopia.
Oigara said that successful completion of the transaction is subject to obtaining regulatory and shareholder approvals in the respective countries.
He said the transaction was part of KCB’s ongoing strategy to explore opportunities for new growth while investing and maximizing returns on the group’s existing businesses.
“Our growth strategy is based on organic and inorganic plans and we will continue to seek opportunities that increase the value of our shareholders,” said Oigara.
The Kenyan lender said that in Rwanda, upon completion of the acquisition, the resulting business of the KCB group is expected to double its market share to become the second largest bank in the country. Final product
