KCB Group CEO Joshua OigaraNAIROBI, KENYA: KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a definitive agreement which will see the bank increase its footprint within the region. This is through the acquisition of a 62.06 per cent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 per cent stake in African Banking Corporation Tanzania Limited (BancABC) from ATMA in Rwanda and Tanzania, respectively. “Once the transaction is completed, the Group’s Rwanda and Tanzania businesses are expected to have stronger financial credentials to support business growth in the post covid-19 macroeconomic recovery” he added. KCB Group, which has a presence in six countries and a representative office in Ethiopia, has been keen to tap into new growth opportunities while reinforcing existing market capabilities. The Group’s balance sheet expanded 27 per cent to Sh972 billion, funded by customer deposits growth and acquisition of NBK.

Source: Standard Digital November 26, 2020 06:11 UTC