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KCB Group has announced the acquisition of the Rwandan bank, Banque Populaire du Rwanda Plc (BPR), from Atlas Mara Mauritius Limited and Arise B.V.
The move increases its market share in Rwanda’s retail and SME banking sector.
The acquisition was completed after the Kenyan banking group received regulatory approval in Kenya and Rwanda, making it BPR’s controlling shareholder effective Aug. 25.
The Star reported KCB Group CEO and Managing Director Joshua Oigara as saying that the new deal will give the group a more robust edge in deepening its strategy to scale 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,” Oigara said.
KCB Group is a leading financial services holding company based in the African Great Lakes region.
The group has an asset base of KSh 1.02 trillion ($9.28 billion) and holds the largest branch network in the region with 354 branches.
It also boasts more than 26,394 POS/merchants and agents who offer banking services daily in East Africa.
KCB Bank Rwanda operates over 14 branches countrywide.
Banque Populaire du Rwanda Plc (BPR)
Banque Populaire du Rwanda Plc (BPR) is the second-largest bank in Rwanda, founded in 1975 with about 930 employees as of 2020.
BPR is a strong retail and SME bank, with the largest branch network in the sector.
Atlas Mara Limited
Atlas Mara Mauritius Limited is a subsidiary of Atlas Mara Limited, a financial services holding formed to acquire targeted banks in Africa.
The company was co-founded by Bob Diamond, a former Barclays executive, and Ashish Thakkar, a British-Ugandan multimillionaire, in 2013. It has investments in Botswana, Mozambique, Nigeria, Rwanda, South Africa, South Sudan, Tanzania, Zambia and Zimbabwe.
The holding has sought to become a leading player in Sub-Saharan Africa and has moved to acquire controlling stakes in several banks in the region.
However, a couple of wrong moves and strategic mistakes hindered its planned growth, leading to the shedding of investments in the market.
