Regional banking giant KCB Group has unveiled merged banking operations in Rwanda under BPR Bank Rwanda Plc just a month after receipt of regulatory greenlight.
The move means that BPR Bank is now Rwanda’s second-largest branch with a network of 150 branches and 1,107 employees.
“With our enhanced scale as KCB Group, we will be able to invest more in building a sustainable business as we have a duty to take care of our environment and the communities we serve,” KCB Group CEO Joshua Oigara said.
The successful entry into Rwanda gives KCB Group a stronger edge in deepening the ongoing Group strategy to scale regional presence, added Mr Oigara.
The CEO said that the KCB Group customers in Rwanda will also have access to a larger network of agents across the country and will benefit from enhanced digital capability, transactional banking solutions, trade finance expertise, and international banking offering.
“The new entity, BPR Bank Rwanda Plc, now allows our customers to enjoy exciting retail and wholesale offerings and the wide branch network is an opportunity for us to roll out products and services to MSMEs and the rural community in Rwanda,” said Mr Oigara.
Rwanda Prime Minister, Dr Édouard Ngirente, noted that “the investment that KCB Group has done in Rwanda will greatly enhance the economic empowerment of the Rwandan people.”
KCB acquired the Popular Bank of Rwanda (BPR) for an estimated Kes6.3 billion before adding it to its Rwandese operations under KCB Bank Rwanda Plc.
“As the National Bank of Rwanda, we will continue supporting the financial sector to ensure not only its scale but the economic and social impact it will have on the East African people,” added National Bank of Rwanda Governor John Rwangombwa.
His Kenyan counterpart Dr Patrick Njoroge noted that “our vision is to build an industry that works for all East Africans. As such, the new entity, KCB Bank Rwanda Plc, is a step in the right direction.”