HomeNewsKCB Group announces plans to purchase banks in D.R. Congo and Ethiopia

KCB Group announces plans to purchase banks in D.R. Congo and Ethiopia

Published on


The Kenyan Banking Conglomerate – Kenya Commercial Bank (KCB) has announced its plan to purchase a bank in Democratic Republic of Congo within the next two years and also plans to enter into the Ethiopian market.

The announcement was made by the CEO of the Banking group Joshua Oigara during an interview with The East African. He said that the Bank that has operations in 6 countries is continuing to explore new opportunities for growth; DRC and Ethiopia are their next targets.

“We are still a medium-sized institution across the continent and we are relatively a small bank globally…we still have more opportunities and we will continue to see areas like the Democratic Republic of Congo and Ethiopia as areas of focus for us.” Oigara said.

Related Posts

None found

This comes two days after the bank announced its 100% takeover of African Banking Corporation Tanzania (BancABC) and 62.06% stake in Banque Populaire du Rwanda Plc (BPR) both currently owned by Atlas Mara Ltd (ATMA) at a price of UGX 162Bn/Ksh4.37 billion ($43.7 million). The purchase placed KCB as the second largest bank in Rwanda by assets and among the top ten banks in Tanzania.

The purchase also made KCB Group’s total assets exceed USD $10Bn making it one of the richest Banks in East and Central Africa.

KCB’s announcement to enter the 84 Million DRC Market follows the recent purchase of Banque Commerciale Du Congo at $95M in August this year by its closest rival Equity Holdings Group a Kenyan banking company, which established the 15 year old Equity Bank Congo as the second largest bank in the country by the number of assets.

KCB expects to increase its revenue from subsidiaries to 25% of its total revenue from the current 10% in the next two years. Beside the main operations in Kenya, KCB operates in 5 East African countries that include KCB Uganda, KCB Tanzania, KCB Rwanda, KCB Burundi and South Sudan.

KCB Tanzania and Rwanda were the most profitable subsidiaries followed closely by South Sudan and then Burundi. The Uganda’s subsidiary operated in loss in the year 2019.

KCB Group is a public company listed on the Nairobi Stock Exchange and cross listed on Uganda Stock Exchange.

By extending to DRC and Ethiopia, the regional giant will be on its way to break the barriers and join the Pan African Banks that are currently dominated by Nigerian and South African banks.

Latest articles

Equity Bank Uganda updates over the Counter Withdraw Charges and NWSC fees

Equity Bank Uganda Limited has updated charges that they charge customers whenever they withdraw...

What We Know about Queen Elizabeth II’s Health So Far

Prince Harry is headed to Balmoral Palace in Scotland to join the rest of...

The Search for Miss Tourism Uganda Intensifies

The search for the next Miss Tourism Uganda queen is on. This year’s edition...

Tooro Region Unveils Miss Tourism Uganda Representatives

Following a search that started off months ago, Tooro region has added itself among...

More like this

32 people confirmed dead following the eruption of Mt Nyiragongo, Congo

Authorities have so far confirmed that 32 people were killed by the violent eruptions...

D.R Congo suspends Rwandair as relations between Kishansha and Kigali become tense

Democratic Republic of Congo has suspended Rwandair from making operations in D.R Congo in...
error: Content is protected !!