The KCB Group has received regulatory approval from the National Bank of Rwanda (BNR) to merge its new acquisition- BPR - with its existing Rwandese business.
This means that the Banque Populaire Du Rwanda (BPR) and KCB Bank Rwanda will now operate as one single entity to be known as BPR Bank Rwanda Plc with effect from April 1.
The combined bank is set to become the second-largest lender in Rwanda, giving KCB a deeper regional presence.
“BPR, as we know it today, has a lot of potentials. The success of this business will build on our era of undisputed leadership in the market and contribute to Rwanda’s economic success journey. I am confident that we can re-write Rwanda’s next chapter of development and economic growth,” said KCB Group CEO and MD Joshua Oigara.
He added that the structure has considered the necessity of a smooth post-integration transition with minimal business and human capital disruption whilst retaining key talent resources as well as alignment to the KCB Group Structure for support and governance.
KCB has subsequently approved a new organisation structure for the bank, with George Odhiambo stepping up to head the unit from his previous role as the managing director of KCB Bank Rwanda.
KCB Group purchased BPR in the third quarter of 2021 for an estimated Sh6.3 billion from Atlas Mara with the view of deepening its regional presence in East Africa.
The combined operations hand KCB an expanded network that includes 150 branches, 77 ATMs, 944 agents and 1,107 staff.
BPR has a strong retail and SME footprint and has been in operations for the past 45 years.
The acquisition pushed KCB’s asset value by total assets by 15.4 per cent to Sh1.139 trillion in the financial year ended December 31 last year.
