KCB Group PLC has launched a new banking subsidiary in Rwanda, BPR Bank Rwanda PLC following the amalgamation of KCB Bank Rwanda and Banque Populaire du Rwanda (BPR).
This follows regulatory approval by the National Bank of Rwanda (BNR) earlier in the month to merge the two entities. This means the two banks will now operate as a single entity named bpr Bank Plc, with KCB Group as the majority shareholder.
The combined bank will become the second largest bank in the Rwanda banking industry and gives KCB Group a stronger edge in deepening the ongoing Group strategy to scale regional presence.
Speaking during the launch event, KCB Group CEO and MD Joshua Oigara said: “We are delighted with the possibilities that lay ahead, as this integration has enabled us to buttress our leadership position, giving us a stronger edge to play a bigger role in driving the financial inclusion agenda in East Africa, while building a robust and financially sustainable organization.”
“BPR Bank Rwanda holds a lot of promise. We will continually tap into the strengths of both BPR and KCB Bank Rwanda, to offer our customers additional value. We want to revolutionize the way we do business, guaranteeing ultimate satisfaction to our esteemed customers, as they interact with us,” he added.
BPR Bank will have a range of debit and credit cards to simplify payments for all our customers, a service which was launched today.
BPR Bank Rwanda is now the second-largest bank in Rwanda with an asset base of 648 billion RWF and a network of 154 branches, playing a critical role to support a budding economy to drive financial inclusion in the country by focusing efforts on; inclusive growth, equality, financial opportunities, money management, investment initiatives, the standard of living, and poverty reduction.
“We are excited to see this milestone come through. These two organizations have the right synergies to come together and succeed, especially in this market where there is a need to provide various products and services to our young population to foster not only economic development but also improve quality of life for the population” said Dr Édouard Ngirente, Prime Minister of the Republic of Rwanda while officiating the event.
“We have been presented with a great opportunity to empower the communities and grow the economy of Rwanda,” said the Prime Minister.
In line with KCB Group’s strategy to scale their business in the region, the bank pursued the opportunity to strengthen its international businesses through the acquisition of Atlas Mara Limited Group shares in Banque Populaire du Rwanda PLC and is now pursuing acquisition opportunities in the Democratic Republic of Congo.
The event was graced by among other guests Dr. Uzziel Ndagijimana, Minister of Finance and Economic Planning, Hon. Clare Akamanzi CEO, Rwanda Development Board, Hon. John Rwangombwa, National Bank of Rwanda Governor and Dr. Patrick Njoroge, Governor, Central Bank of Kenya.