Home » Kenyan businessman Joshua Oigara’s KCB Group receives approval to merge Rwandan units

Kenyan businessman Joshua Oigara’s KCB Group receives approval to merge Rwandan units

by Omokolade Ajayi

KCB Group, a Kenya-based financial services holding company led by renowned businessman and leading executive Joshua Oigara, has received regulatory approval from the National Bank of Rwanda to merge its Rwandan operations.

The recently acquired Banque Populaire du Rwanda (BPR) and KCB Bank Rwanda will become a single entity operating under the KCB Group, a step forward in the management’s strategic expansion and diversification plans.

The merger will result in the creation of the second-largest bank in Rwanda’s banking industry, which will operate as a single entity called BPR Bank Rwanda Plc beginning April 1. KCB Group will maintain its interest in the bank as the majority shareholder.

While commenting on the scheme arrangement, Oigara, KCB Group’s CEO and managing director, stated that the integration will allow customers to enjoy exciting retail and wholesale offerings. He added that the group’s large branch network provides an opportunity to roll out products and services to MSMEs and the rural community.

KCB Group serves as a non-operating holding company for KCB Bank Kenya, the National Bank of Kenya, and regional subsidiaries in Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia.

Under the leadership of Oigara, the group’s CEO since 2013 and a key figure in the bank’s restructuring into a non-operating holding company in 2016, the group’s assets have grown from Ksh390.85 billion ($3.4 billion) to Ksh390.85 billion ($3.4 billion).

Meanwhile, its gross earnings and profits increased from Ksh56.5 billion ($491.2 million) in 2013 to Ksh109.3 billion ($950.3 million) and Ksh34.7 billion ($301.7 million) in 2021, respectively.

In line with its strategic plans to expand its operational footprint in Africa and strengthen its position in the financial services industry in Central and East Africa, KCB Group announced plans to expand its operations in Central Africa by acquiring a commercial bank in the Democratic Republic of the Congo.

The proposed transaction, which is expected to close in the second quarter of 2022, comes after Oigara’s financial services group expressed interest in negotiating another acquisition deal in Tanzania following its withdrawal from a bid with UK-based Atlas Mara to purchase BancABC Tanzania.

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