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KCB merges Rwanda operations after deal

NEWS
By Standard Reporter | Apr 1st 2022 | 1 min read
By Standard Reporter | April 1st 2022
NEWS

KCB Group Chief Executive Officer Joshua Oigara. [Wilberforce Okwiri, Standard]

KCB Group has received regulatory approval from the National Bank of Rwanda (BNR) to merge its newly acquired Banque Populaire du Rwanda (BPR) and KCB Bank Rwanda.

The two banks will now operate as a single entity under the name BPR Bank Rwanda, with KCB Group as the majority shareholder effective today.

The combined entity will become the second-largest bank in Rwanda, giving KCB Group an edge in the battle for the regional market.  

“BPR, as we know it today, has a lot of potential. The success of this business will build on our era of undisputed leadership in the market and contribute towards Rwanda’s economic success journey. I am confident that we can rewrite Rwanda’s next chapter of development and economic growth,” said KCB Group chief executive Joshua Oigara (pictured) in a statement yesterday.

Subsequently, the BPR Bank Rwanda board has approved a new organisational structure for the integrated entity, which takes effect immediately subject to governance approvals from BNR.

George Odhiambo, a seasoned banker, has been appointed as the managing director BPR Bank Rwanda. He was the managing director of KCB Bank Rwanda.

Currently, KCB has the largest branch network in the region with 491 branches, 1,154 ATMs and over 27,369 merchants and agents. BPR, on the other hand, is an SME bank with the largest branch network in the sector.

 

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