{"id":18163,"date":"2020-11-26T21:17:26","date_gmt":"2020-11-26T21:17:26","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=18163"},"modified":"2020-11-26T21:17:26","modified_gmt":"2020-11-26T21:17:26","slug":"kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda","title":{"rendered":"KCB Group to acquire more banks in Tanzania and Rwanda"},"content":{"rendered":"<p><strong>AfricaPress-Kenya:<\/strong> KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a definitive agreement which will see the bank increase its footprint within the region.<\/p>\n<p>This is through the acquisition of a 62.06 per cent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 per cent stake in African Banking Corporation Tanzania Limited (BancABC) from ATMA in Rwanda and Tanzania, respectively.<\/p>\n<p>The successful completion of the transaction is subject to obtaining shareholder approval and obtaining regulatory approvals in the respective countries.<\/p>\n<p>KCB Group CEO and MD Joshua Oigara said the transaction was part of KCB\u2019s ongoing strategy to explore opportunities for new growth while investing in and maximizing returns from the Group\u2019s existing businesses.<\/p>\n<p>The acquisition, he added, will buttress the Group\u2019s leadership position and give it a stronger edge to play a bigger role in driving the financial inclusion agenda in the East African region while building a robust and financially sustainable organisation.<\/p>\n<p>\u201cThe transaction fits within the Group\u2019s expansion strategy and will see us increase our market share and distribution network across Rwanda and Tanzania and improve our operating leverage by enabling us to deliver our existing product offerings to a wider base of customers while positioning the bank for sustainable growth in the long-term,\u201d said Mr. Oigara.<\/p>\n<p>\u201cOnce the transaction is completed, the Group\u2019s Rwanda and Tanzania businesses are expected to have stronger financial credentials to support business growth in the post covid-19 macroeconomic recovery\u201d he added.<\/p>\n<p>KCB Group, which has a presence in six countries and a representative office in Ethiopia, has been keen to tap into new growth opportunities while reinforcing existing market capabilities.<\/p>\n<p>\u201cOur growth strategy is premised on both organic and inorganic plans and we shall continue to seek opportunities that increase our shareholder\u2019s value,\u201d said Mr. Oigara.<\/p>\n<p>The group&#8217;s after-tax profits for the nine months ending September 2020 stood at Shs.10.9 billion compared to Sh19.1 billion the year before. The Group\u2019s balance sheet expanded 27 per cent to Sh972 billion, funded by customer deposits growth and acquisition of NBK. Net loans and advances grew 19 per cent to close the period at Sh577.5 billion while customer deposits were up 32 per cent to Sh772.7 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Kenya: KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a definitive agreement which will see the bank increase its footprint within the region. This is through the acquisition of a 62.06 per cent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 per cent stake in African Banking Corporation Tanzania Limited [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":18166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[6629,6628,4248],"class_list":["post-18163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-african-banking-corporation","tag-atlas-mara","tag-kcb-group"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>KCB Group to acquire more banks in Tanzania and Rwanda - kenya<\/title>\n<meta name=\"description\" content=\"KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a definitive agreement which will see the bank increase its footprint within the region\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KCB Group to acquire more banks in Tanzania and Rwanda\" \/>\n<meta property=\"og:description\" content=\"KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a definitive agreement which will see the bank increase its footprint within the region\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-26T21:17:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/kcb_group_to_acquire5fbf492d7a571.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"678\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"KCB Group to acquire more banks in Tanzania and Rwanda\",\"datePublished\":\"2020-11-26T21:17:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\"},\"wordCount\":377,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/kcb_group_to_acquire5fbf492d7a571.jpg\",\"keywords\":[\"African Banking Corporation\",\"Atlas Mara\",\"KCB Group\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kcb-group-to-acquire-more-banks-in-tanzania-and-rwanda\",\"name\":\"KCB Group to acquire more banks in Tanzania and Rwanda - 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