KCB Group PLC has finished a merger process for its KCB Bank Rwanda and Banque Populaire du Rwanda (BPR) after it received regulatory approval from the National Bank of Rwanda (BNR).
This will see the name of the newly merged entity changed to named BPR Bank Rwanda Plc, with KCB Group as the majority shareholder with a 76.67 percent stake effective April 1, 2022.
The single merged entity will become the second-largest bank in the Rwanda banking industry.
In a notice by BRP Bank, the lender said that the merger will not affect services offered to customers who have been asked to direct any concerns via +250 788 187200 or email email@example.com.
“BPR Bank would like to reassure the public that it will continue to offer high-quality services to all its customers,” said Moses Toroirich, Managing Director, BPR Bank in a statement released on March 30, 2022.
George Odhiambo has been appointed as the Managing Director of BPR Bank Rwanda.
Odhiambo was the Managing Director of KCB Bank Rwanda.
The merger will see KCB Group roll out various products in the market that will target Micro and Small Medium Enterprises (MSMEs).
“The success of this integration now allows our customers to enjoy exciting retail and wholesale offerings and the wide branch network is an opportunity for us to roll out products and services to MSMEs and the rural community,” said KCB Group CEO and MD Joshua Oigara.
KCB Group completed the acquisition of Banque Populaire du Rwanda from London-listed financial services firm Atlas Mara Limited on August 21, 2021.
Kenya’s high rate of financial inclusion and digital banking has forced local leaders to look outside the country’s borders for growth.
The resultant acquisitions have seen both KCB and Equity Bank Group boost their asset base to over Ksh.1 trillion each.
KCB Group is arguably East Africa’s largest commercial Bank established in 1896 in Kenya. Over the years, the Bank has spread to Tanzania, South Sudan, Uganda, Rwanda and Burundi.