KCB Group #ticker:KCB will pay Sh4.39 billion ($40 million) to acquire two banks in Tanzania and Rwanda in the race to deepen its presence in East Africa and rev up the contribution of subsidiaries to its profits.
The lender announced on Thursday that it will acquire a 62.06 per cent stake in Banque Populaire Du Rwanda (BPR) and a 100 per cent stake in African Banking Corporation Tanzania Limited (BancABC).
