KCB Group abandons plan to acquire Tanzania’s BancABC

TANZANIA – Financial services holding company KCB Group has canceled its plan to acquire a Tanzanian lender from London-listed Atlas Mara Limited, citing regulatory hurdles, reports The East African. KCB in late November 2020 announced that it would acquire 62.06 percent stake in Banque Populaire Du Rwanda (BPR) and 100 percent stake in African Banking Corporation Tanzania Limited (BancABC). The Kenyan lender,…

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KCB Group in executive shake-up, top managers exit

KENYA – Financial services holding KCB Group is restructuring its executive team, marking the second major reorganization of its top leadership since 2011. The Kenyan lender has let go of four top executives, changed responsibilities for others and created new roles in a move it says will lead to better management. Those who recently left the lender’s top management are Apollo…

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KCB Group to spend US$56m in buying two Atlas Mara banks in Rwanda and Tanzania

KENYA – Financial services holding company KCB Group will spend a total of US$56 million to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited. The Nairobi Securities Exchange-listed lender had earlier estimated it would acquire a 62 percent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 percent ownership in African Banking Corporation Tanzania…

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KCB injects US$28m capital in its subsidiary National Bank

KENYA – Financial services group KCB,  has given the National Bank of Kenya a US$28 million long-term loan to help the subsidiary meet minimum capital requirements. The Nairobi Securities Exchange-listed lender made the disclosure in its latest annual report. “In Kenya, the group injected US$47 million into National Bank of Kenya, the subsidiary the group acquired in 2019. In 2021, KCB…

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KCB Bank Group voted best in Kenya by Global Finance Magazine

KENYA – KCB Bank Group has been recognized as the best bank in Kenya by the respected Global Finance Magazine during their 28th annual awards for the World’s Best Banks.  KCB Bank has now won this award for three successive years.  This recognition was awarded to the bank for its robust market presence in the East African region, and its digital innovation to…

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Namyalo Mayanja appointed Executive Director, KCB Bank Uganda

UGANDA – KCB Bank Uganda Limited has appointed Agnes Namyalo Mayanja as an Executive Director. In her role, she will deputize and support the Bank’s Managing Director in the overall strategy formulation and implementation of astute leadership and management in line with the bank’s vision, mission, and values. Prior to joining KCB Bank Uganda, Agnes Mayanja worked as the Chief…

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KCB Group to inject US$27.3m additional capital in subsidiary National Bank

KENYA – KCB Group is planning to provide an additional capital injection of US$27.3 million to its subsidiary National Bank of Kenya (NBK) in the coming days, with the cash going to help the subsidiary comply with minimum capital requirements. National Bank of Kenya has continued to breach statutory capital levels despite receiving the initial capital support of US$45.5 million from…

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KCB Bank secures US$150m credit for SMEs and green projects

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances…

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KCB Bank and Huawei partner to unveil new mobile banking product, Vooma

KENYA – Kenya Commercial Bank (KCB) is set to officially launch its Vooma loan product, a platform it developed jointly with Chinese telco giant Huawei. Vooma, a Swahili word for speed, a payments and settlements platform, is expected to be launched in March 2020. East Africa’s biggest bank by assets pulled the plug on its Mobiloan product on 23rd December…

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Fintech enabler Ukheshe Technologies on global expansion

SOUTH AFRICA – Leading South African digital fintech enablement provider, Ukheshe Technologies has confirmed it is expanding its operations globally. Having established itself as a formidable payment technology specialist within the B2B sector, the company has set its sights on the Middle East, Europe, and Asia Pacific.  The move comes on the back of several successful high-profile projects and partnerships in various…

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