Companies

KCB opens new subsidiary in Rwanda after merger

Joshua Oigara

KCB Group CEO Joshua Oigara (centre), chairman Andrew Kairu (right) and CFO Lawrence Kimathi during the announcement of the bank’s full-year results on on March 16, 2022. PHOTO | DIANA NGILA | NMG

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Summary

  • The lender merged KCB Bank Rwanda with its newly acquired Banque Populaire du Rwanda (BPR) to form BPR Bank Rwanda Plc last month.

KCB Group is banking on its new subsidiary BPR Bank Plc Rwanda to more than double its regional business in the next two years and support economic expansion in the East African country.

KCB said scaling its regional business was critical for the future, adding that it will bolster its investments in Rwanda. The lender is currently eyeing the newest member of the East African Community – the Democratic Republic of Congo. 

Read: Rwanda, DRC most profitable units for KCB, Equity banks

This, said KCB Group CEO Joshua Oigara, will also see the bank invest significantly to support the key economic sectors like housing, agriculture, and hospitality.

The lender merged KCB Bank Rwanda with its newly acquired Banque Populaire du Rwanda (BPR) to form BPR Bank Rwanda Plc last month.

Read: KCB eyes total buyout of Rwandan lender

“We are delighted with the possibilities that lay ahead, as this integration has enabled us to buttress our leadership position, giving us a stronger edge to play a bigger role in driving the financial inclusion agenda in East Africa, while building a robust and financially sustainable organisation,” said Mr Oigara during the unveiling of BPR Bank in Kigali on Wednesday.

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