KCB Group completes acquisition of Banque Populaire du Rwanda

RWANDA – KCB Group Plc has completed the purchase of a majority stake in Banque Populaire du Rwanda Plc (BPR) after acquiring shares previously owned by Arise B.V and Mauritius-based Atlas Mara Limited. The transaction has already received the necessary approvals in Kenya and Rwanda, removing the last hurdle in the acquisition process. KCB acquisition becomes effective from 25th August 2021 This now makes the Kenyan lender the majority shareholder in BPR with effect from 25th August 2021. According to KCB Group Chief Executive Officer and Managing Director, Joshua Oigara,…

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KCB Group’s half year profit doubles to US$139.7m

KENYA – KCB Group has announced that its earnings through the first six months of 2021 doubled,  posting a 101 percent growth in net profit for the period to Kshs15.3 billion (US$139.7 million). The leap in profitability from Kshs7.6 billion (US$69.4 million) at the same stage in 2020 is largely attributable to higher operating income and a reduction in overall costs. KCB’s total operating income has for instance increased by 13.8 percent to Kshs51.2 billion (US$467.6 million) from a flat Kshs45 billion (US$411 million) in June 2020 on the back…

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KCB Group shareholders approve the proposed acquisition of BPR and BancABC

EAST AFRICA – Shareholders of KCB Group, the Kenyan financing company, have approved the proposal to acquire up to 100% of the issued ordinary shares in Banque Populaire Du Rwanda (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC). The twin acquisitions in Rwanda and Tanzania are part of KCB Group’s ongoing strategy to achieve regional relevance and will increase the brand’s footprint while reinforcing existing market capabilities. The transactions follow the offer made by KCB Group late last year and having now received shareholder approval, they…

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